MINNEAPOLIS, Nov 18, 2008 (BUSINESS WIRE) -- Pentair, Inc. (NYSE:PNR) today announced that it has agreed to sell its
Spa and Bath business to Balboa Water Group in a cash transaction.
"This sale enables us to concentrate more fully on growth in our core
global pool equipment business," said Pentair Chairman and Chief
Executive Officer Randall J. Hogan. "Pool equipment continues to be an
attractive platform for Pentair, and we are focused on continuing to
deliver industry-changing innovation, such as our energy-efficient and
environmentally friendly Eco-Select line of products, for pool owners
around the world."
The sale is subject to customary closing conditions and is expected to
close in the 4th quarter 2008. The company expects to use the cash
proceeds to pay down debt.
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, including the strength of housing and
related markets; the ability to integrate acquisitions successfully and
the risk that expected synergies may not be fully realized or may take
longer to realize than expected; 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 Pentair 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 (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 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 2007 revenues of $3.30 billion, Pentair employs
approximately 16,000 people worldwide.
SOURCE: Pentair, Inc.
Pentair, Inc.
Todd Gleason, 763-656-5570
Vice President, Investor Relations
[email protected]
Rachael Jarosh, 763-656-5280
Vice President, Corporate Communications
[email protected]