GOLDEN VALLEY, Minn., Dec. 10 /PRNewswire-FirstCall/ -- Directors of
Pentair, Inc. (NYSE: PNR) today increased the Company's regular quarterly cash
dividend from $0.11 per share to $0.13 per share. This represents an 18
percent increase, which will be effective with the dividend payable February
11, 2005 to shareholders of record at the close of business on January 28,
2005. This is the 29th consecutive annual dividend increase in the Company's
38-year history.
The Company also announced that its Board of Directors adopted a new
Shareholder Rights Plan to replace the Company's existing Shareholder Rights
Plan, which has been in place since 1995. The new Shareholder Rights Plan
includes the declaration of a dividend of one Preferred Share Purchase Right
on each outstanding share of the Company's Common Stock. The issuance of the
Rights under the new Shareholder Rights Plan will be made to shareholders of
record as of the close of business on January 28, 2005.
In connection with the adoption of the new Shareholder Rights Plan, the
Company will redeem all of the Common Share Purchase Rights currently
outstanding under its existing Shareholder Rights Plan at a price of $.0025
per share, pursuant to the terms of the existing Shareholder Rights Plan,
effective upon the close of business on January 28, 2005 with payment of the
redemption price on February 11, 2005.
About Pentair, Inc.
Pentair ( http://www.pentair.com ) is a diversified operating company
headquartered in Minnesota. Its Water 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, designing and manufacturing standard, modified and
custom enclosures that house and protect sensitive electronics and electrical
components. With 2003 revenues of $2.7 billion, Pentair has approximately
13,000 employees worldwide.
Contact:
Pentair: Mark Cain
Tel.: (763) 656-5278
E-mail: [email protected]
SOURCE Pentair, Inc.
12/10/2004
CONTACT: Mark Cain of Pentair, Inc., +1-763-656-5278
[email protected]
Web site: http://www.pentair.com
(PNR)