MANCHESTER, United Kingdom - December 10, 2014 - Pentair plc (NYSE: PNR) ("Pentair") announced today that its Board of Directors has approved a 16 percent increase in the company's regular annual cash dividend rate for 2015 (from $1.10 per share paid in 2014 to $1.28 per share) and that it will pay a regular quarterly cash dividend of $.32 per share on February 13, 2015 to shareholders of record at the close of business on January 30, 2015. This regular quarterly cash dividend comprises $0.30 from the previously announced cash dividend of $1.20 per share approved by shareholders and payable in four equal quarterly installments in each of the third and fourth quarter of 2014 and the first and second quarter of 2015, and an additional $.02 per share approved by Pentair's Board of Directors. 2015 will mark the 39th consecutive year that Pentair has increased its dividend.
Pentair's Board of Directors has authorized the company to repurchase up to $1.0 billion of its common shares. The authorization allows the company to commence share repurchases effective immediately and expires on December 31, 2019. Pentair intends to repurchase outstanding shares from time to time in the open market using cash flow generated by its operations.
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 successfully integrate the Flow Control business and achieve expected benefits from such combination; the ability to successfully complete the disposition of our Water Transport business on anticipated terms and timetable; 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 ability to successfully identify, complete and integrate acquisitions; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; the ability to achieve our long-term strategic operating goals; and the ability to achieve the expected benefits from our recent redomicile. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission ("SEC"), including in our 2013 Annual Report on Form 10-K. All forward-looking statements speak only as of the date of this report. We assume no obligation, and disclaim any obligation, to update the information contained in this report.
ABOUT PENTAIR PLC
Pentair plc (www.pentair.com) delivers industry-leading products, services and solutions for its customers' diverse needs in water and other fluids, thermal management and equipment protection. With 2013 revenues of $7.0 billion, Pentair employs approximately 30,000 people worldwide.
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PENTAIR CONTACTS:
Jim Lucas
Vice President, Investor Relations
Direct: 763-656-5575
Email: [email protected]
Rebecca Osborn
Senior Manager, External Communications
Direct: 763-656-5589
Email: [email protected]
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