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Pentair Announces Share Repurchase Program
12.10.2013


SCHAFFHAUSEN, Switzerland  - December 10, 2013 -  Pentair Ltd. (NYSE: PNR) ("Pentair") announced today its Board of Directors has authorized the company to repurchase up to $1.0 billion of its common stock. The authorization allows the company to commence share repurchases effective immediately and expires on December 31, 2016. Pentair intends to repurchase outstanding shares from time to time in the open market using cash flow generated by its operations.

"Excellent operating and financial performance, coupled with a strong balance sheet, provide us with the flexibility to launch an expanded repurchase program," said Randall J. Hogan, Chairman and Chief Executive Officer.  "Combined with annual dividends, this means we expect to return over 50 percent of our operating cash flows to shareholders annually - while maintaining our commitment to investment grade."

"With our expected operating and financial performance, we anticipate to still have approximately $2 billion in cash and balance sheet capacity for additional business reinvestment or share repurchase by 2015," Hogan added.

ABOUT PENTAIR LTD.
Pentair Ltd. delivers industry-leading products, services and solutions for its customers' diverse needs in water and other fluids, thermal management and equipment protection. With pro forma revenues of approximately $8 billion, Pentair employs more than 30,000 people worldwide.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that we believe to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "targets," "plans," "believes," "expects," "intends," "will," "likely," "may," "anticipates," "estimates," "projects," "should," "would," "positioned," "strategy," "future" or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the ability to complete the change in place of incorporation and to realize the expected benefits from such change and the change in tax residence; the ability to successfully integrate the Flow Control business and achieve expected synergies from such combination; overall global economic and business conditions; competition and pricing pressures in the markets we serve; the strength of housing and related markets; volatility in currency exchange rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; increased risks associated with operating foreign businesses; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit tax benefits or increase tax liabilities; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the U.S. SEC, including in our Quarterly Report on Form 10-Q for the quarter ended September 28, 2013 and our 2012 Annual Report on Form 10-K. All forward-looking statements speak only as of the date of this communication. Pentair Ltd. assumes no obligation, and disclaims any obligation, to update the information contained in this communication.

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PENTAIR CONTACTS:
Rebecca Osborn
Senior Manager, External Communications
Direct: 763-656-5589
Email: rebecca.osborn@pentair.com

Jim Lucas
Vice President, Investor Relations
Direct:763-656-5575
Email: jim.lucas@pentair.com


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Categories: Press Releases