GOLDEN VALLEY, Minn.--(BUSINESS WIRE)--Sept. 28, 2006--Pentair
(NYSE:PNR) today announced its board of directors has authorized an
increase in its common stock repurchase program to $100 million. The
Company's previous stock repurchase authorization by the board was $50
million and, under that previous authorization, the Company completed
common stock purchases of $50 million earlier in the third quarter.
"With our share repurchase announcement today, we reaffirm our
confidence and optimism in the long-term future of the company," said
Randall J. Hogan, Pentair chairman and chief executive officer.
Caution concerning forward-looking statements
Any statements made about the company's anticipated financial
results are forward-looking statements subject to risks and
uncertainties such as continued economic growth; the ability to
successfully appeal and limit damages payable arising out of the
Horizon litigation; 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.
About Pentair, Inc.
Pentair, Inc. (NYSE:PNR) 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
Technical Products Group is a leader in global enclosures and thermal
management markets, designing and manufacturing thermal management
products and standard, modified, and custom enclosures that house and
protect sensitive electronics and electrical components. With 2005
revenues of $2.95 billion, Pentair employs approximately 15,000 people
worldwide.
CONTACT: Pentair, Inc., Golden Valley
Pentair Contacts:
Rachael Jarosh, 763-656-5280
E-mail: [email protected]
or
Investor Relations:
Mark Cain, 763-656-5278
E-mail: [email protected]
SOURCE: Pentair, Inc.