GOLDEN VALLEY, Minn., May 17 /PRNewswire-FirstCall/ -- Directors of
Pentair, Inc. (NYSE: PNR) have approved a 2-for-1 stock split in the form of a
100 percent stock dividend payable on June 8, 2004, to shareholders of record
as of June 1, 2004. The Pentair board also approved an increase in the
company's regular quarterly cash dividend of approximately five percent
effective with the quarterly dividend payable on August 13, 2004, to
shareholders of record as of July 30, 2004.
As a result of the stock dividend action, Pentair shareholders will
receive one additional share of Pentair stock for every share held in their
accounts on June 1, 2004. Pentair's last stock split, in February 1996, was
also a two-for-one split. Pentair's shares outstanding will double to more
than 100 million once the split is completed.
The cash dividend increase is the 28th consecutive annual increase. On a
post-split basis, the quarterly cash dividend will be 11 cents per share, or
22 cents per share on a pre-split basis. The previous quarterly cash dividend
was $0.21 per share.
"Pentair's recent stock performance reflects considerable investor
confidence in the company's value proposition -- superior operating
disciplines, the ability to drive growth, a growing talent pool, and active
portfolio management," said Randall J. Hogan, chairman and chief executive
officer. "Our board of directors shares this confidence in the company's
strategic direction and in our ability to continue executing our strategies to
enhance value for shareholders.
"We believe that this stock split, combined with the increased quarterly
dividends, will make Pentair stock even more attractive to a broader range of
investors," Hogan added. "We see great potential for growth as we transform
Pentair into a leading water products and enclosures company, and remain
committed to attracting investors who share our enthusiasm and take a long-
term view of the company's growth opportunities."
About Pentair, Inc.
Pentair ( www.pentair.com ) is a diversified operating company
headquartered in Minnesota. Its Water Technologies Group is a global leader
in providing innovative products and systems used worldwide in the movement,
treatment, storage and enjoyment of water. Pentair's Enclosures group is a
leader in the global enclosures market, serving industrial and electronic
customers, and its Tools Group markets innovative products under established
brand names to professionals and do-it-yourself users. Pentair's 2003
revenues totaled $2.7 billion. The company employs 12,000 people in more than
50 locations around the world.
Contact:
Pentair: Mark Cain
Tel.: (763) 656-5278
E-mail: mark.cain@pentair.com
SOURCE Pentair, Inc.