GOLDEN VALLEY, Minn.--(BUSINESS WIRE)--June 26, 2006--Pentair
(NYSE:PNR) today announced that it has reached a definitive agreement
to acquire 70 percent of the equity of Beijing Jieming Tiandi
Environmental Equipment Co., Ltd., a leading Chinese manufacturer of
fiberglass-reinforced plastic pressure tanks, disc filters, valve and
systems used in water filtration, softening, and systems applications.
The transaction is subject to receipt of government approval and the
closing is expected in the third quarter. Upon completion of this
transaction, the companies' joint venture will be named Beijing
Pentair Water Jieming Company. Terms of the transaction were not
disclosed.
"Through this transaction, Pentair Water gains greater local
market knowledge and engineering capabilities for commercial and
industrial systems integration initiatives in China, and significantly
expands its access to an effective distribution network of more than
150 engineering product companies," said Richard Cathcart, Pentair
vice chairman. "Further, we will secure new products including disk
filtration systems and low-cost mechanical valves and tanks tailored
to the systems integration segment and to China's local market needs."
The joint venture will include sales offices in Yixing, Shanghai,
Jinan, Guangdong (Dongguan), and Xi'an in China.
About Pentair, Inc.
Pentair (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
Technical Products Group is a leader in the global enclosures market,
designing and manufacturing standard, modified, custom and thermal
enclosures that house and protect sensitive electronics and electrical
components. With 2005 revenues of $2.95 billion, Pentair has
approximately 15,000 employees worldwide.
CONTACT: Pentair, Inc., Golden Valley
Communications:
Rachael Jarosh, 763-656-5280
E-mail: rachael.jarosh@pentair.com
or
Investor Relations:
Mark Cain, 763-656-5278
E-mail: mark.cain@pentair.com
SOURCE: Pentair, Inc.