Pentair's Enclosures Group Expands into Growing Thermal Market
GOLDEN VALLEY, Minn., Dec. 1 /PRNewswire-FirstCall/ -- Pentair, Inc.
(NYSE: PNR) today announced that it has completed the acquisition of the
McLean Thermal Management, Aspen Motion Technologies and Electronic Solutions
businesses from APW, Ltd. These businesses provide thermal management
solutions and integration services to the telecommunications, data
communications, medical and security markets. The businesses join Pentair's
Enclosures Group which, including this acquisition, is expected to have annual
sales of nearly $1 billion in 2006.
"The completion of this acquisition marks an exciting opportunity for
Pentair's high performing Enclosures team to expand into the thermal
management market," said Randall J. Hogan, Pentair chairman and chief
executive officer. "With this acquisition, we will enhance Enclosures'
capabilities, continue to drive growth and leverage our proven operations
competence in these new businesses."
Pentair expects the transaction to be accretive to its earnings per share
in the first 12 months of ownership. The Company noted the purchase price,
before taking tax benefits and transaction costs into account, amounted to
approximately $137.5 million.
Michael V. Schrock, chief operating officer of Pentair's Enclosures and
Filtration businesses, noted bright growth prospects for the acquired
businesses.
"Enclosures' first priority has been, and continues to be, delivery of
superior products and service, and we will continue to meet customer needs
throughout the integration process," Schrock said. "Through this acquisition,
we will leverage our distribution network to access new markets into which we
can sell thermal management products, while broadening the scope and depth of
the product offering itself."
Schrock added, "The Enclosures team is already applying Pentair's thorough
integration management process to achieve our performance expectations for the
acquired businesses. We intend to integrate these businesses quickly,
efficiently, and to the benefit of our employees and customers as a result of
our comprehensive planning."
About Pentair's Enclosures Group
Pentair's Enclosures Group produces technologically advanced systems to
house and protect sophisticated electronics. Through its Hoffman(R),
Schroff(R), Pentair Electronic Packaging(TM) and Taunus(TM) businesses,
Pentair Enclosures serves the industrial, commercial, telecommunications, data
communications and networking markets worldwide.
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 2004 revenues from continuing operations of $2.28 billion, or
$2.76 billion on a pro forma basis, Pentair has approximately 13,000 employees
worldwide.
This press release contains statements that Pentair believes to be
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, including any statements about Pentair's
anticipated sales, earnings, synergies or other results or expected benefits
of the acquisition of these businesses. These forward-looking statements
generally can be identified by the use of words such as "believes,"
"anticipates" or "expects," or words of similar import. Such forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ from those currently anticipated, including the company's
ability to successfully integrate the operations of these businesses, and the
risk that expected synergies may not be fully realized or may take longer to
realize than expected. Forward-looking statements included herein are made as
of the date hereof and Pentair undertakes no obligation to update publicly
such statements to reflect subsequent events or circumstances.
Contacts:
Rachael Jarosh
Communications
Tel.: (763) 656-5280
Mark Cain
Investor Relations
Tel.: (763) 656-5278
E-mail: rachael.jarosh@pentair.com E-mail: mark.cain@pentair.com
SOURCE Pentair, Inc.