Pentair Completes Acquisition of Plymouth Products
Pentair, Inc. (NYSE: PNR) announced that it has completed the acquisition of water filtration products manufacturer, Plymouth Products, Inc., of Sheboygan, Wisconsin, from USF Consumer & Commercial WaterGroup, a unit of Vivendi Environnement (Euronext Paris: VIE) (NYSE: VE).
Pentair, which financed the acquisition through available lines of credit, expects the acquisition to be accretive to its earnings in the first full year of ownership.
Plymouth Products manufactures water filtration products used in residential, commercial, and industrial applications. The products include filter housings in a variety of sizes, replaceable cartridge elements available in a variety of filtration media, and filtration systems to treat drinking water for specific contaminants. The acquired business had net sales in 2001 in excess of $80.0 million.
Pentair is a St. Paul-based manufacturer whose core businesses compete in tools, water technologies, and enclosures markets. The company employs 11,500 people in more than 50 locations around the world.
Any statements made about the company's anticipated results are forward-looking statements subject to risks and uncertainties, such as the company's ability to integrate Plymouth Products and to realize expected synergies from the Plymouth Products acquisition. 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.
Source: Pentair plc.
