Pentair Completes Transaction to Acquire Manitowoc Ice

Pentair plc (NYSE: PNR), a leading provider of water treatment and sustainable solutions, today announced that it has completed the previously announced transaction to acquire Manitowoc Ice from Welbilt, Inc. (NYSE: WBT) for $1.6 billion, subject to customary adjustments. Manitowoc Ice is a leading provider of commercial ice makers.

“Manitowoc Ice is a great business and an iconic brand, and we are excited to welcome its team members to Pentair as we work together to deliver smart, sustainable water solutions to customers around the world,” said John Stauch, Pentair President and CEO. “This strategic acquisition allows us to enhance and deliver our total water management offerings to an expanded network of channel partners and customers, further establishing Pentair as a leader in a vast and growing industry.”

With more than 800 team members, a global installed base of approximately 1 million units and more than 200 models of commercial ice machines worldwide, Manitowoc Ice brings a complementary global commercial footprint that will expand Pentair’s end-to-end water filtration and ice solution offerings for foodservice customers.

J.P. Morgan Securities LLC served as financial advisor to Pentair and Faegre Drinker Biddle & Reath LLP provided legal counsel.

Source: Pentair plc.

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