GOLDEN VALLEY, Minn., Sept. 29 /PRNewswire-FirstCall/ -- Pentair, Inc.
(NYSE: PNR) announced today that antitrust waiting periods have expired, or
clearance has been received from all regulatory agencies, for the planned sale
of its Tools Group to The Black & Decker Corporation (NYSE: BDK) of Towson,
Maryland, for approximately $775 million. Pentair said it expects to complete
the transaction in early October.
"Black & Decker is a recognized leader in the power tool industry and we
are very confident that we are placing our Tools Group in the hands of a
company that can further build the business to benefit its customers,
suppliers, and employees," said Randall J. Hogan, Pentair chairman and chief
executive officer.
Pentair noted that the proceeds from the sale of the Tools Group will be
used to pay down debt associated with Pentair's acquisition of WICOR
Industries, which was completed effective July 31, 2004. The WICOR acquisition
transformed the $2.7 billion Pentair into a diversified manufacturer led by a
$2 billion water business. Although the Water Group will be Pentair's largest
business, the Company says it will increase its diverse business mix by
growing its Enclosures Group.
Pentair's Tools Group comprises the Porter-Cable, Delta, DeVilbiss Air
Power, Oldham Saw, and FLEX businesses, among others. The Group employs
approximately 4,200 people at facilities in North America, Europe and Asia.
About Pentair, Inc.
Pentair ( http://www.pentair.com ) is a diversified operating company
headquartered in Minnesota. The 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, 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. Pentair employs 17,200 people worldwide, including those
associated with the former WICOR water businesses and the Tools Group.
Any statements made about the company's anticipated financial results are
forward-looking statements subject to risks and uncertainties such as
continued economic growth; foreign currency effects; retail and industrial
demand; product introductions; and pricing and other competitive pressures.
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, Inc., 763-656-5278, mark.cain@pentair.com
SOURCE Pentair, Inc.