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Acquisition of HydroTemp Manufacturing Expands Pentair's Pool and Spa Heater Product Line

February 10, 2003
ST. PAUL, Minn., Feb 10, 2003 /PRNewswire-FirstCall via COMTEX/ -- Pentair (NYSE: PNR) today announced that it has acquired the swimming pool heat pump assets of privately held HydroTemp Manufacturing Co., Inc. of Fort Myers, Florida. Pentair anticipates that the acquisition will be accretive to earnings in the first full year of ownership.

"HydroTemp's swimming pool heat pump products fit very well with our Pool and Spa equipment business," said Randall J. Hogan, Pentair chairman and chief executive officer. "The addition of this business will help accelerate our pool equipment sales growth and allow us to capitalize on a growing market for swimming pool heat pumps."

HydroTemp Manufacturing ( ) designs and manufactures heat pumps for swimming pool applications. Sold under the HydroTemp and MiniMax Plus HP brand names, the company's products go to market via swimming pool and HVAC distribution. HydroTemp holds a leading share in the swimming pool heat pump category in North America and sales in the last 12 months totaled approximately $9 million. The company employs 21 people in a manufacturing and office facility located in Fort Myers, Florida.

"With Pentair's established position in pool markets, we will be able to immediately expand the existing distribution of HydroTemp products, pursue entry into new markets, and build on our pool accessory offering," said Richard J. Cathcart, president and chief operating officer of Pentair's Water Technologies Group. "The addition of this highly respected line, means we can better meet the broad needs of our customers, and leverage our strength in our existing distribution channels."

Pentair ( ) 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.

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 HydroTemp Manufacturing Co. Inc. and to realize expected synergies from the HydroTemp 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.

Contact: Mark Cain of Pentair, +1-651-639-5278

SOURCE Pentair