ST. PAUL, Minn., July 20 /PRNewswire/ -- Pentair (NYSE: PNR) announced
today it has signed a definitive purchase agreement to sell 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 did not disclose details of the transaction, but said it will use
the proceeds from the sale to reduce indebtedness. This transaction is
expected to be completed in the third quarter of this year, subject to
completion of financing arrangements.
The Jordan Company is a private investment firm that specializes in buying
and building companies in partnership with management. Since 1974, partners of
The Jordan Company and its affiliate, the Jordan/Zalaznick Capital Company,
have completed more than 100 acquisitions. Today, The Jordan Company has a
portfolio of more than 20 companies, with combined sales in excess of
$4.0 billion.
"Lincoln Industrial has provided good returns on the investments we made
over the years, and we're pleased that we have found a solid buyer for this
highly respected and profitable business," said Pentair President and CEO,
Randall J. Hogan. "This is a very positive step for Lincoln Industrial, its
employees, its customers, and its communities."
The Lincoln Industrial disposition will have no impact on Pentair's
operating results. Pentair designated the Lincoln Industrial business as a
discontinued operation in the fourth quarter of 2000.
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 13,000 people in more than 50 locations around the world.
For more information, contact Mark Cain of Pentair, Inc., 651-639-5278.
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SOURCE Pentair, Inc.
CONTACT: Mark Cain of Pentair, Inc., 651-639-5278/