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Pentair Acquires Assets of Water Pump and Brine Tank Businesses

July 3, 2003

GOLDEN VALLEY, Minn., July 3 /PRNewswire-FirstCall/ -- Pentair (NYSE: PNR) today announced that it has acquired certain assets of two privately held companies to augment existing businesses in its Water Technologies Group. TwinPumps, Inc., ( ) of Oldwick, New Jersey, designs and manufactures vortex and chopper pumps for municipal wastewater applications. K&M Plastics, Incorporated, ( ) of Elk Grove Village, Illinois, designs and manufactures blow-molded brine tanks and pressure vessels for residential and commercial water conditioning and filtration applications. Pentair did not disclose the terms of the TwinPumps and the K&M Plastics transactions, which were completed July 1, 2003, and today, respectively. Pentair anticipates that the acquisitions will be accretive to earnings within the first full year of ownership.

"Combined, these asset purchases represent a sales growth opportunity of from $5 million to $10 million over the next few years," said Randall J. Hogan, Pentair chairman and chief executive officer. "These transactions meet our criteria and they dovetail well with our strategy to build the Water Technologies Group in targeted markets."

Richard J. Cathcart, president and chief operating officer of Pentair's Water Technologies Group, said that sales of TwinPumps products will be leveraged by Pentair's existing Fairbanks Morse pump sales channel to pursue replacement parts, replacements pumps, and new project business in the municipal wastewater business.

"In addition, we have retained the firm's founders to help us develop other innovative products to supplement our product lines," Cathcart said. "These new products are expected to launch beginning in 2004, giving us a broader offering on the process side of the wastewater business. The K&M Plastics transaction, meanwhile, will allow Pentair to better serve the fast- growing Asian water markets."

Pentair ( ) is a Minnesota-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 TwinPumps, Inc. and K&M Plastics, Incorporated, and to realize expected synergies from the acquisitions. 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, +1-763-656-5278

SOURCE Pentair