ST. PAUL, Minn., Aug. 29 /PRNewswire/ -- Pentair, Inc. (NYSE: PNR)
announced today that it has acquired 40 percent ownership of an Asian
manufacturing business. The joint venture agreement strengthens existing
relationships with key tool manufacturing assets and provides a foundation for
additional business activity in tools, electrical and electronic packaging
systems, and water-related products.
Terms of the agreement, which involves several entities associated with
Pentair's long-time Asian sourcing partners, include an option for Pentair to
increase its ownership in the venture, which involves engineering and
manufacturing in Taiwan and the Peoples Republic of China.
"There has been a long and successful relationship between Pentair and the
joint venture partners," said Randall J. Hogan, Pentair's president and chief
executive officer. "This agreement enhances both our overall cost position
and our ability to provide customers in all three of our businesses with
quality, innovative products."
Pentair said the tool products manufactured in Asia have been well
received by consumers in the global marketplace and that supply arrangements
in that region have enabled the company to broaden its tools product portfolio
and accelerate introduction of new products.
"The relationship also gives us an edge in quickly ramping-up our
enclosures manufacturing in China so that we can better meet demand from
electronics and industrial customers in this region," Hogan said. "Later this
year, Pentair's Water Technologies business will participate in the joint
venture project as we begin to manufacture water conditioning components and
systems for Chinese markets."
Pentair said the new joint venture arrangements will provide Pentair with
more control of the manufacturing, testing, and distribution processes, plus
increased financial flexibility.
"This development secures a key sourcing center for Pentair, while
positioning all of our businesses for continued expansion in an important
geographic region," Hogan said.
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 12,500 people in more than 50 locations around the world.
For more information contact Mark Cain of Pentair, +1-651-639-5278.
SOURCE Pentair, Inc.
CONTACT: Mark Cain of Pentair, Inc., +1-651-639-5278/