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., ( http://www.twinpumps.com ) of Oldwick, New Jersey, designs
and manufactures vortex and chopper pumps for municipal wastewater
applications. K&M Plastics, Incorporated, ( http://www.kmplastics.com ) 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 ( http://www.pentair.com ) 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