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Pentair To Sell Its National Pool Tile Business To Pool Corporation
02.21.2008

GOLDEN VALLEY, Minn.--(BUSINESS WIRE)--Feb. 21, 2008--Pentair, Inc. (NYSE: PNR) today announced that it has agreed to sell its National Pool Tile business to Pool Corporation in a cash transaction.

"This sale enables us to more fully focus on our growing, core global pool equipment business," said Pentair Chairman and Chief Executive Officer Randall J. Hogan. "National Pool Tile's business model is inconsistent with that of our core pool equipment business, and as the leading wholesale distributor in the pool industry, Pool Corporation is a logical buyer of the business." The sale is subject to customary closing conditions and is expected to close in the first quarter 2008.

The sale and first quarter 2008 results will be treated as discontinued operations in compliance with accounting rules. The company expects to use the cash proceeds to pay down debt.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Any statements made about the company's anticipated financial results are forward-looking statements subject to risks and uncertainties such as continued economic growth, including: the strength of housing and related markets; the ability to integrate acquisitions successfully and the risk that expected synergies may not be fully realized or may take longer to realize than expected; the ability to successfully limit any judgment arising out of the Horizon litigation; foreign currency effects; retail and industrial demand; product introductions; and pricing and other competitive pressures, as well as other risk factors set forth in our SEC filings. 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.

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 and thermal management markets, designing and manufacturing thermal management products and standard, modified, and custom enclosures that house and protect sensitive electronics and electrical components. With 2007 revenues of $3.40 billion, Pentair employs approximately 16,000 people worldwide.

CONTACT: Pentair, Inc.
Todd Gleason, 763-656-5570
Vice President, Investor Relations
E-mail: todd.gleason@pentair.com
or
Rachael Jarosh, 763-656-5280
Vice President, Corporate Communications
E-mail: rachael.jarosh@pentair.com

SOURCE: Pentair, Inc.

Categories: Press Releases