Pentair gets regulatory approval for sale of its Tools Group
Antitrust waiting periods have expired on Pentair Inc.'s planned sale of its Tools Group to The Black & Decker Corp., of Towson, Md., for approximately $775 million, clearing the way for approval from all regulatory agencies. Pentair said it expects to complete the transaction in early October...
GOLDEN VALLEY, MN, Sept. 29, 2004 (PRNewswire-FirstCall) -- Antitrust waiting periods have expired on Pentair Inc.'s planned sale of its Tools Group to The Black & Decker Corp., of Towson, Md., for approximately $775 million, clearing the way for approval from all regulatory agencies. 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 CEO.
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. 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.
About Pentair, Inc.
Pentair (www.pentair.com) 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.