GOLDEN VALLEY, Minn.--(BUSINESS WIRE)--Feb. 21, 2008--Pentair,
Inc. (NYSE: PNR) today announced that it has agreed to sell its
National Pool Tile business to Pool Corporation in a cash transaction.
"This sale enables us to more fully focus on our growing, core
global pool equipment business," said Pentair Chairman and Chief
Executive Officer Randall J. Hogan. "National Pool Tile's business
model is inconsistent with that of our core pool equipment business,
and as the leading wholesale distributor in the pool industry, Pool
Corporation is a logical buyer of the business." The sale is subject
to customary closing conditions and is expected to close in the first
quarter 2008.
The sale and first quarter 2008 results will be treated as
discontinued operations in compliance with accounting rules. 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; the
ability to successfully limit any judgment arising out of the Horizon
litigation; foreign currency effects; retail and industrial demand;
product introductions; and pricing and other competitive pressures, as
well as other risk factors set forth in our SEC filings.
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 (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 $3.40 billion, Pentair employs approximately
16,000 people worldwide.
CONTACT: Pentair, Inc.
Todd Gleason, 763-656-5570
Vice President, Investor Relations
E-mail: [email protected]
or
Rachael Jarosh, 763-656-5280
Vice President, Corporate Communications
E-mail: [email protected]
SOURCE: Pentair, Inc.