GOLDEN VALLEY, MN -- Pentair Inc. (NYSE: PNR) announced today that it entered into an agreement to Everpure Inc. of Northbrook, IL, from United States Filter Corp., a unit of Veolia Environnement (Paris Bourse: VIE and NYSE: VE), for $215 million. The all-cash transaction, which Pentair plans to complete at the end of the year, is subject to satisfaction of customary conditions and applicable regulatory approvals.
Everpure -- http://www.everpure.com -- is a leading global provider of water filtration products and services for the commercial and consumer sectors. Everpure products, widely used in the vending and foodservice industries, include a wide array of filtration systems and cartridges for various applications. The company expects net sales in 2003 to exceed $60 million.
"Everpure makes Pentair a global leader in the commercial filtration segment, which includes the fast-growing foodservice and vending market," said Pentair chief executive Randall J. Hogan. "With a portfolio of almost 70 filtration technology patents, Everpure is positioned as the innovator in commercial filtration and has many exclusive relationships with the world's leading foodservice operators. Combined with our existing Plymouth Products business, Everpure represents a broad platform for growth in filtration technologies and services, and a value-adding addition to our portfolio of water businesses."
With the completion of the Everpure acquisition, Pentair will have made 11 acquisitions in the Water Technologies arena since 1995. Last year, Pentair acquired the Plymouth Products water filtration equipment business from USFilter. In the first year of ownership by Pentair, Plymouth Product's profits improved 17 percent, while EBIT margins gained 150 basis points. Revenues in Pentair's Water Technologies Group are expected to exceed $1 billion in 2003.
Veolia Environnement -- http://www.vivendienvironnement.com -- is the largest environmental services company in the world with more than 295,000 employees in about 100 countries and annual revenues of more than $31.5 billion. Pentair -- http://www.pentair.com -- is a Minnesota-based manufacturer whose core businesses compete in water technology, enclosure and tool markets. The company employs 12,500 people in more than 53 locations around the world.
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