ST. PAUL, Minn., Dec 21, 2001 /PRNewswire via COMTEX/ -- Pentair (NYSE: PNR)
announced today it has completed the sale of its wholly owned Lincoln Industrial
automated lubrication and materials dispensing business to a company newly
formed by The Jordan Company LLC of New York, N.Y. Pentair also said it
completed the sale of its wholly owned Century Mfg. Co. automotive service
equipment business to Clore Automotive, a business formed by K&K Jump
Start-Chargers, Inc. and a Kansas City, Mo., equity investment group. The
divestitures of Lincoln Industrial and Century were previously announced on July
20, 2001, and June 14, 2001, respectively.
Pentair did not disclose details of the transactions, but said it will use the
proceeds from the sale to reduce debt.
The Jordan Company is a New York-based private investment firm that specializes
in buying and building companies in partnership with management.
Clore Automotive is a privately held manufacturer of jumpstarter/portable power
units and battery chargers, based in Kansas City, Mo.
Pentair ( http://www.pentair.com ) is a St. Paul-based manufacturer whose core
businesses compete in tools, water technologies, and enclosures markets. The
company employs 12,000 people in more than 50 locations around the world.
Contact: Mark Cain for Pentair, +1-651-639-5278.
SOURCE Pentair