|Pentair Divests Spa and Bath Business, Further Concentrates on Pool Equipment Business|
MINNEAPOLIS, Nov 18, 2008 (BUSINESS WIRE) -- Pentair, Inc. (NYSE:PNR) today announced that it has agreed to sell its Spa and Bath business to Balboa Water Group in a cash transaction.
"This sale enables us to concentrate more fully on growth in our core global pool equipment business," said Pentair Chairman and Chief Executive Officer Randall J. Hogan. "Pool equipment continues to be an attractive platform for Pentair, and we are focused on continuing to deliver industry-changing innovation, such as our energy-efficient and environmentally friendly Eco-Select line of products, for pool owners around the world."
The sale is subject to customary closing conditions and is expected to close in the 4th quarter 2008. 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; foreign currency effects; retail and industrial demand; product introductions; and pricing and other competitive pressures. Forward-looking statements included herein are made as of the date hereof, and Pentair 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.
SOURCE: Pentair, Inc.