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 ( http://www.warmpool.com/index.html ) 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 ( 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.
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