Pentair Receives Approval for WICOR Acquisition
Pentair announced it has received clearance from the Federal Trade Commission for its planned acquisition of WICOR Industries, a unit of Wisconsin Energy Corporation.
In addition, the Public Service Commission of Wisconsin approved the corporate restructuring of WICOR required to facilitate this transaction. Pentair said it expects to complete the transaction effective at the end of July. Upon closing of the acquisition, Pentair will have built a $2 billion water-focused business within its broader portfolio of companies.
"This WICOR acquisition will expand our scope and capacity to provide safe, clean water to customers worldwide," said Randall J. Hogan, chairman and chief executive officer of Pentair. "This clearly establishes Pentair as a global leader in water products."
Pentair said the WICOR acquisition transforms the company into a diversified manufacturer led by a $2 billion water business. "While the water business will now be the largest in our portfolio, we remain committed to a diverse business mix," said Hogan. "Our Enclosures Group is well positioned to continue growing profitably, and it will play an important role in the overall performance of Pentair."
According to Richard J. Cathcart, president and chief operating officer of Pentair's Water Technologies Group, "The WICOR acquisition creates a significant water and wastewater systems business with approximately $900 million in sales, a global pool and spa business with nearly $600 million in sales, and a strong filtration and purification business with approximately $500 million in sales." Cathcart added, "As we strive to fulfill our vision to provide safe, clean water, this acquisition presents significant growth opportunities across all of our businesses. We believe capturing those opportunities will be made easier by the strong management teams and strong product offers of both organizations."
"Employees at Pentair and WICOR have worked hard over the past several months to help us reach this day," stated Cathcart. "Our integration planning teams have defined a comprehensive framework for uniting our complementary organizations, and we look forward to completing the acquisition and moving forward as one organization."
Pentair, Inc. (NYSE: PNR), is a diversified operating company headquartered in Minnesota. The Water Technologies 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, with more than 15,000 employees worldwide.
Source: Pentair plc.