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Acquisition of Plymouth Products to Expand Pentair's Water Treatment Product Range, Accelerate Growth of Company's Water Technologies Segment
09.03.2002
ST. PAUL, Minn., Sep 3, 2002 /PRNewswire-FirstCall via COMTEX/ -- Pentair, Inc. (NYSE: PNR) announced today that it has entered into an agreement to acquire water filtration products manufacturer, Plymouth Products, Inc., of Sheboygan, Wisconsin, from USF Consumer & Commercial WaterGroup, a unit of Vivendi Environnement (NYSE: VE) (Euronext Paris: VIE), for an undisclosed price. The acquisition, which Pentair plans to complete in its fourth quarter of 2002, will be financed through available lines of credit. Pentair anticipates that the acquisition will be accretive to its earnings in the first full year of ownership. The agreement is subject to satisfaction of customary conditions and applicable regulatory approvals.

Plymouth Products manufactures water filtration products used in residential, commercial, and industrial applications. The products include filter housings in a variety of sizes, replaceable cartridge elements available in a variety of filtration media, and filtration systems to treat drinking water for specific contaminants. The acquired business had net sales in 2001 in excess of $80.0 million.

"Combined with our existing water pump, pool, and water treatment valve businesses, Plymouth Products expands Pentair's already sizeable position in global water markets, and makes us a leading manufacturer in the residential and industrial water equipment business," said Pentair Chairman and Chief Executive Officer, Randall J. Hogan. "We anticipate that the Plymouth Products acquisition will drive sales in Pentair's Water Technologies Group beyond $1.0 billion in 2003. It also offers many synergies with our existing water businesses, significantly expands our presence in water technology markets, and provides new platforms for growth through water filtration."

Richard J. Cathcart, president and COO of Pentair's Water Technologies Group, said the addition of Plymouth Products' innovative water filtration products will reinforce Pentair's position in water filtration, treatment, and conditioning markets.

"In the short term, the Plymouth Products acquisition expands our portfolio of water businesses, which we believe will allow us to boost sales by leveraging our existing distribution channels, to extract value from economies of scale and synergies that exist among the water businesses, and to offer new products and technology to our water treatment customers," said Cathcart. "In the long term, we expect the Plymouth Products business will provide a new platform for growth in developing markets, while accelerating the sales and profitability of our Water Technologies Group."

Pentair is a St. Paul-based manufacturer whose core businesses compete in tools, water technologies, and enclosures markets. The company employs 11,500 people in more than 50 locations around the world.

Any statements made about the company's anticipated results are forward- looking statements subject to risks and uncertainties, such as the company's ability to integrate Plymouth Products and to realize expected synergies from the Plymouth Products acquisition. 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.

SOURCE Pentair, Inc.

CONTACT: Mark Cain of Pentair, Inc., +1-651-639-5278

Categories: Press Releases