Pentair Receives Regulatory Approvals for the Sale of Its Tools Group
Pentair, Inc. announced that antitrust waiting periods have expired, or clearance has been received from all regulatory agencies, for the planned sale of its Tools Group to The Black & Decker Corporation of Towson, Maryland, for approximately $775 million. Pentair said it expects to complete the transaction in early October.
"Black & Decker is a recognized leader in the power tool industry and we are very confident that we are placing our Tools Group in the hands of a company that can further build the business to benefit its customers, suppliers, and employees," said Randall J. Hogan, Pentair chairman and chief executive officer.
Pentair noted that the proceeds from the sale of the Tools Group will be used to pay down debt associated with Pentair's acquisition of WICOR Industries, which was completed effective July 31, 2004. The WICOR acquisition transformed the $2.7 billion Pentair into a diversified manufacturer led by a $2 billion water business. Although the Water Group will be Pentair's largest business, the Company says it will increase its diverse business mix by growing its Enclosures Group.
Pentair's Tools Group comprises the Porter-Cable, Delta, DeVilbiss Air Power, Oldham Saw, and FLEX businesses, among others. The Group employs approximately 4,200 people at facilities in North America, Europe and Asia.
Pentair is a diversified operating company headquartered in Minnesota. The 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, serving industrial and electronic customers, and its Tools Group markets innovative products under established brand names to professionals and do-it-yourself users. Pentair's 2003 revenues totaled $2.7 billion. Pentair employs 17,200 people worldwide, including those associated with the former WICOR water businesses and the Tools Group.
Any statements made about the company's anticipated financial results are forward-looking statements subject to risks and uncertainties such as continued economic growth; 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 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.
