Will Lead Growth and International Initiatives for Company's Next Phase
GOLDEN VALLEY, Minn., Feb. 2 /PRNewswire-FirstCall/ -- Pentair (NYSE: PNR)
Chairman and Chief Executive Officer Randall J. Hogan and the Pentair board of
directors today announced the appointment of Richard J. Cathcart as vice
chairman of Pentair, effective immediately. Cathcart was president and chief
operating office of Pentair's Water Group, a global leader in providing
innovative products and systems used worldwide in the movement, treatment,
storage and enjoyment of water. He will retain responsibility for the Water
Group.
Cathcart's new responsibility is to lead Pentair's growth initiatives with
principal focus on international and business development. Noting the
importance of the new role, Hogan said, "Pentair successfully completed a
remarkable transition in 2004 to focus on two attractive businesses -- water
and enclosures -- that are global in nature. Pentair's vital next steps
toward a high-growth, world-leading company are to develop new growth
platforms and to seize opportunities in markets beyond North America. In
addition, we remain an acquisitive organization. As vice chairman, Rick will
join me in driving these essential efforts."
According to Cathcart, Pentair is focused in businesses that present
significant growth opportunities and he will target them. "For example," he
said, "one area of opportunity upon which we will focus is international
sales. Today, our international sales are 23% of total sales. Through more
concentrated efforts on new products, new markets and better penetration, we
will increase that percentage to 40% over the next five years."
Cathcart added, "We must and we will realize Pentair's potential for
growth. We will do so with the discipline and integrity with which we conduct
business today. I am proud to accept this new role and excited to work with
Randy and the senior leadership team to drive Pentair's next phase of growth."
"Rick is the right person for this mission," said Hogan. "He has proven
his abilities to identify and power growth as he successfully led Pentair
Water from a start-up in 1995 to a $2 billion global leader in 2004. In that
time, he also demonstrated his strong leadership, sharp intellect and
integrity. I have the highest regard for his capabilities and am pleased Rick
has accepted this new challenge."
Citing the company's impressive fourth quarter and 2004 results, detailed
in a separate announcement issued today, Hogan stated, "Pentair enters 2005
from a position of great strength. Our strategic repositioning -- coupled
with double-digit growth and increased margins driven by good execution in our
operating initiatives -- delivered total shareholder return of more than
90 percent in 2004. We will leverage our momentum and seize attractive new
opportunities to strengthen shareholder value in 2005 and beyond."
Cathcart joined Pentair in 1995 as executive vice president for business
development, and was named president and chief operating officer of the Water
Group in 1996. Prior to Pentair, Cathcart was the vice president and general
manager of Honeywell's Building Control division, a $1.6 billion global
business. Before that, he held progressively significant leadership roles at
Honeywell, including head of logistics and head of research and development
for new technologies for the company's Industrial division.
Cathcart holds a bachelor's degree in engineering science from the United
States Air Force Academy in Colorado Springs, Colorado. During the Vietnam
War, he flew more than 200 combat missions as a United States Air Force flight
commander and served as an instructor pilot.
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 of $2.28 billion, or $2.76 billion on a pro
forma basis, Pentair has approximately 13,000 employees worldwide.
Any statements made about the company's anticipated financial results are
forward-looking statements subject to risks and uncertainties such as
continued economic growth; the ability to integrate the WICOR acquisition
successfully and the risk that expected synergies may not be fully realized or
may take longer to realize than expected; 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.
SOURCE Pentair
Pentair Contacts:
Rachael Jarosh
Communications
763-656-5280
rachael.jarosh@pentair.com
Mark Cain
Investor Relations
+1-763-656-5278
mark.cain@pentair.com