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Pentair Completes Acquisition of Everpure, Inc.

January 2, 2004

GOLDEN VALLEY, Minn., Jan. 2 /PRNewswire-FirstCall/ -- Pentair, Inc. (NYSE: PNR) announced today that it has completed the acquisition of water filtration products manufacturer, Everpure, Inc., of Northbrook, Illinois, from United States Filter Corporation, a unit of Veolia Environnement (Paris Bourse: VIE and NYSE: VE). Pentair, which financed the acquisition through available lines of credit, expects the acquisition to be modestly accretive to its earnings in the first full year of ownership.

Everpure ( ) is a leading global provider of water filtration products and services for the commercial and consumer sectors. Everpure products include a wide array of filtration systems and cartridges for various applications. The company expects net sales in 2003 to exceed $60.0 million.

Pentair ( ) is a Minnesota-based manufacturer whose core businesses compete in water technology, enclosure and tool markets. The company employs approximately 12,000 people in more than 53 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 Everpure, Inc. and to realize expected synergies from the Everpure 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, +1-763-656-5278

SOURCE Pentair