GOLDEN VALLEY, Minn., Jul 6, 2004 /PRNewswire-FirstCall via COMTEX/ -- Pentair, Inc.
(NYSE: PNR), announced today it has received clearance from the Federal Trade
Commission for its planned acquisition of WICOR Industries, a unit of
Wisconsin Energy Corporation (NYSE: WEC), Milwaukee. In addition, the Public
Service Commission of Wisconsin approved the corporate restructuring of WICOR
required to facilitate this transaction. Pentair said it expects to complete
the transaction effective at the end of July. Upon closing of the
acquisition, Pentair will have built a $2 billion water-focused business
within its broader portfolio of companies.
"This WICOR acquisition will expand our scope and capacity to provide
safe, clean water to customers worldwide," said Randall J. Hogan, chairman and
chief executive officer of Pentair. "This clearly establishes Pentair as a
global leader in water products."
Pentair said the WICOR acquisition transforms the company into a
diversified manufacturer led by a $2 billion water business. "While the water
business will now be the largest in our portfolio, we remain committed to a
diverse business mix," said Hogan. "Our Enclosures Group is well positioned
to continue growing profitably, and it will play an important role in the
overall performance of Pentair."
According to Richard J. Cathcart, president and chief operating officer of
Pentair's Water Technologies Group, "The WICOR acquisition creates a
significant water and wastewater systems business with approximately
$900 million in sales, a global pool and spa business with nearly $600 million
in sales, and a strong filtration and purification business with approximately
$500 million in sales." Cathcart added, "As we strive to fulfill our vision
to provide safe, clean water, this acquisition presents significant growth
opportunities across all of our businesses. We believe capturing those
opportunities will be made easier by the strong management teams and strong
product offers of both organizations."
"Employees at Pentair and WICOR have worked hard over the past several
months to help us reach this day," stated Cathcart. "Our integration planning
teams have defined a comprehensive framework for uniting our complementary
organizations, and we look forward to completing the acquisition and moving
forward as one organization."
About Pentair, Inc.
Pentair is a diversified operating company headquartered in Minnesota.
The Water Technologies Group is a global leader in providing innovative
products and systems used worldwide in the movement, treatment, storage and
enjoyment of water. Pentair's Enclosures Group is a leader in the global
enclosures market, serving industrial and electronic customers, and its Tools
Group markets innovative products under established brand names to
professionals and do-it-yourself users. Pentair's 2003 revenues totaled
$2.7 billion, with more than 15,000 employees worldwide.
Any statements made about the company's anticipated financial results are
forward-looking statements subject to risks and uncertainties such as
continued economic growth; foreign currency effects; retail and industrial
demand; product introductions; and pricing and other competitive pressures.
Forward-looking statements included herein are made as of the date hereof, and
the company undertakes no obligation to update publicly such statements to
reflect subsequent events or circumstances. Actual results could differ
materially from anticipated results.
Contact:
Pentair: Mark Cain
Tel. (763) 656-5278
E-mail: [email protected]
SOURCE Pentair, Inc.