Investor Relations

News Release Details

Home Investor Relations News Releases News Release Details
//
Pentair and GE Water & Process Technologies Announce Preliminary Discussions Regarding Formation of Global Residential Water Treatment Joint Venture
05.28.2008

MINNEAPOLIS--(BUSINESS WIRE)--May 28, 2008--Pentair, Inc. (NYSE: PNR) and GE Water & Process Technologies (NYSE: GE) announced today that they are engaged in discussions to establish a joint venture to combine their respective global water softener and residential water filtration businesses. Under the current framework in discussion, Pentair would own approximately 80 percent of the joint venture interests, and GE Water & Process Technologies would own approximately 20 percent. The combined businesses had 2007 net sales of approximately $450 million. It is not currently contemplated that significant cash contributions would be required from either party to form the joint venture.

The parties to the discussion believe that this joint venture creates significant sales growth opportunities and other operating synergies, and would accelerate the global development of innovative technologies to serve the residential water filtration and treatment market.

In keeping with Pentair's established corporate policy, the company will not comment further upon the status of these discussions until they are concluded.

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 the company's ability to enter into definitive agreements for and complete any potential joint venture, including obtaining regulatory approvals, and the risk that expected synergies may not be fully realized or may take longer to realize than expected, 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 $3.30 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, Corp. Communications
E-mail: rachael.jarosh@pentair.com

SOURCE: Pentair, Inc.

Categories: Press Releases