GOLDEN VALLEY, Minn.--(BUSINESS WIRE)--June 29, 2007--Pentair
(NYSE:PNR) today announced that the jury in the retrial of the lost
profits portion of the Horizon litigation awarded a verdict yesterday
against its subsidiary, Essef Corporation (Essef). The jury awarded
the plaintiff in the case, Celebrity Cruise Lines, Inc. (Celebrity),
$15.2 million for claimed lost profits in 1994 and 1995.
These damages are in addition to an earlier jury verdict of $10.4
million for out-of-pocket expenses incurred by Celebrity arising out
of the incident. The Company stated that it is studying the verdict
and the trial record to determine the course of any future action,
which could include post-trial motions and appeal to the Second
Circuit Court of Appeals. Final judgment has not yet been entered on
the verdict, as there remain a number of issues to be determined by
the Court, including liability for attorneys' fees in a prior trial,
pre-judgment interest that may be awarded by the Court and Essef's
claim for reduction of the award for Celebrity's contributory
negligence.
As previously disclosed, the case arises out of an outbreak of
Legionnaire's Disease on the Horizon cruise ship in 1994. Celebrity
sued Essef and certain of its subsidiaries prior to Pentair's
acquisition of Essef in August 1999. Celebrity alleged that it
sustained damages resulting from the outbreak, seeking attorney fees
and costs for prior litigation as well as out-of-pocket expenses, lost
profits and lost enterprise value. Trial in 2006 on this matter
resulted in adverse $183 million verdicts on Celebrity's claims for
lost profits and lost enterprise value that were reversed following
the Court's decision on post-trial motions submitted by the parties.
About Pentair, Inc.
Pentair (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
Technical Products 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 2006 revenues of $3.15 billion, Pentair employs
approximately 15,000 people worldwide.
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 whether the Company's post-trial motions and
appeals will be successful, and the amount of any pre-judgment
interest and attorneys fees which may be awarded. 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
Todd Gleason, 763-656-5570
Vice President, Investor Relations
[email protected]
Rachael Jarosh, 763-656-5280
Director, Communications
[email protected]
SOURCE: Pentair, Inc.