Pentair and ITT Industries today announced that they have entered into a joint venture agreement to create FARADYNE Motors LLC, a separate and stand-alone company. FARADYNE will design, develop and manufacture submersible pump motors for these two water technology leaders. Manufacturing will begin in 2006.
Charles M. Brown, Pentair president and chief operating officer for the pump and pool markets, said that the joint venture is consistent with Pentair's strategic sourcing disciplines. "Establishing FARADYNE is a win-win proposition for Pentair and its customers," he said. "This will enhance the quality and dependability of our already best-in-class pump products while contributing to long-term cost and supply stability for our customers. FARADYNE is another example of Pentair's continued commitment to deliver customers safe, clean water."
ITT's Senior Vice President Hank Driesse, President of ITT's Fluid
Technology business said, "Because of ITT's reputation for delivering world
class products and unmatched customer service, we're especially excited about
the introduction of these outstanding FARADYNE motors. We believe this
provides a strategic complement to our product portfolio and is supported by
positive feedback from our extensive customer network. We are confident these
products will soon become the industry standard."
Brown added, "Fundamental changes by our previous motor supplier last fall motivated Pentair to consider sourcing options. We believe FARADYNE Motors will bring to market the most reliable and competitive submersible pump motor." They will primarily be used in private water wells. The company will offer 4" diameter submersible motors.
FARADYNE Motors is managed by its own six-member governance board. It will be headquartered in Newark, New York. The terms of the joint venture agreement extend for five years.
Pentair 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 Enclosures Group is a leader in the global enclosures market, designing and manufacturing standard, modified and custom enclosures that house and protect sensitive electronics and electrical components. With 2004 revenues of $2.28 billion, or $2.76 billion on a pro forma basis, Pentair has approximately 13,000 employees worldwide.
ITT Industries, Inc. supplies advanced technology products and services in key markets including: fluid and water management including water treatment; defense communication, opto-electronics, information technology and services; electronic interconnects and switches; and other specialty products. Headquartered in White Plains, NY, the company generated $6.8 billion in 2004 sales. In addition to the New York Stock Exchange, ITT Industries stock is traded on the Midwest, Pacific, Paris, London and Frankfurt exchanges.