Will Bring Reliable, Cost Competitive Motors to Market for Industry Leaders
GOLDEN VALLEY, Minn., Dec. 15 /PRNewswire-FirstCall/ -- Pentair, Inc.
(NYSE: PNR) today announced that it has entered into a joint venture agreement
with ITT Industries, Inc. (NYSE: ITT) to create FARADYNE Motors LLC, a
separate and stand-alone company. FARADYNE will design, develop and
manufacture submersible pump motors for these two water technology leaders.
Manufacturing will begin in 2006.
Charles M. Brown, Pentair president and chief operating officer for the
pump and pool markets, said that the joint venture is consistent with
Pentair's strategic sourcing disciplines. "Establishing FARADYNE is a win-win
proposition for Pentair and its customers," he said. "This will enhance the
quality and dependability of our already best-in-class pump products while
contributing to long-term cost and supply stability for our customers.
FARADYNE is another example of Pentair's continued commitment to deliver
customers safe, clean water."
FARADYNE Motors is managed by a six-member governance board. It will be
headquartered in Newark, New York. The terms of the joint venture agreement
extend for five years.
Brown added, "Fundamental changes by our previous motor supplier last fall
motivated Pentair to consider sourcing options. We believe FARADYNE Motors
will bring to market the most reliable and competitive submersible pump
motor."
About Pentair, Inc.
Pentair ( http://www.pentair.com ) is a diversified operating company
headquartered in Minnesota. Its Water 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, designing and manufacturing standard, modified and
custom enclosures that house and protect sensitive electronics and electrical
components. With 2004 revenues of $2.28 billion, or $2.76 billion on a pro
forma basis, Pentair has approximately 13,000 employees worldwide.
SOURCE Pentair, Inc.
Pentair Contacts: Rachael Jarosh, Communications, +1-763-656-5280, or
[email protected] , or Mark Cain, Investor Relations,
+1-763-656-5278, or [email protected] , both of Pentair