MINNEAPOLIS--(BUSINESS WIRE)--May 28, 2008--Pentair, Inc. (NYSE:
PNR) and GE Water & Process Technologies (NYSE: GE) announced today
that they are engaged in discussions to establish a joint venture to
combine their respective global water softener and residential water
filtration businesses. Under the current framework in discussion,
Pentair would own approximately 80 percent of the joint venture
interests, and GE Water & Process Technologies would own approximately
20 percent. The combined businesses had 2007 net sales of
approximately $450 million. It is not currently contemplated that
significant cash contributions would be required from either party to
form the joint venture.
The parties to the discussion believe that this joint venture
creates significant sales growth opportunities and other operating
synergies, and would accelerate the global development of innovative
technologies to serve the residential water filtration and treatment
market.
In keeping with Pentair's established corporate policy, the
company will not comment further upon the status of these discussions
until they are concluded.
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 the company's ability to enter into definitive
agreements for and complete any potential joint venture, including
obtaining regulatory approvals, and the risk that expected synergies
may not be fully realized or may take longer to realize than expected,
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 $3.30 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, Corp. Communications
E-mail: [email protected]
SOURCE: Pentair, Inc.