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Pentair

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Pentair plc
Company typePublic
NYSE: PNR
S&P 500 Component
ISINIE00BLS09M33
IndustryWater & Fluid Solutions
Valves & Controls
Technical Solutions
Water Treatment Solutions
FoundedArden Hills, Minnesota (July 6, 1966 (1966-07-06)) [1][2]
HeadquartersLondon, UK
Incorporated in Ireland
Key people
John L. Stauch (President and CEO)
Mark Borin (Executive Vice President and CFO)
Karl Frykman (Executive Vice President and COO)
[3]
RevenueUS$ $3.0 Billion (2018)[4]
Number of employees
10,000 Worldwide (May 2017)[5]
WebsitePentair.com

Pentair plc (PNR) is a water treatment company incorporated in Ireland with tax residency in UK, with its main U.S. office located in Minneapolis, Minnesota.[6] Pentair was founded in the US, with 65% of company's revenue coming from the US and Canada as of 2017. PNR was reorganized in 2014, shifting the corporate domicile from Switzerland to Ireland.[7]

On April 30, 2018, the company announced that it had completed the separation of its Water and Electrical businesses.[8] Now, the company's primary focus is on residential, commercial, industrial, municipal and infrastructure and agriculture applications. Its fiscal year 2017 revenues were US$2.8 billion and it employs approximately 10,000 people worldwide.[5]

History

Pentair was founded in August 1966 as Pentair Industries, Inc., with the name derived from the Greek root word "penta-" (alluding to the company's five founders), and went public several months later.[9]

Mergers and acquisitions

Pentair expanded its water product business, acquiring the Fleck Controls control valve business in November 1995. In August 1997, Pentair acquired the General Signal Pump Group.[10]

In 1999 under chairman, president, and chief executive officer, Winslow H. Buxton, Pentair made a series of acquisitions. In April 1999, PNR purchased Essef, the global leader in the manufacture of composite water tanks, pumps, filters, and other water equipment used in pools and spas, for the cash-equivalent price of approximately $312 million.[10]

In August 1999, Pentair bought the DeVilbiss Air Power Company for $460 million in cash.[11] DeVilbiss makes air compressors, pressure washers and generators, which complemented to Pentair's professional Pneumatics tools that were powered by air compressors such as DeWalt and Porter-Cable.

In 2004, Pentair bought WICOR Industries, the former water systems subsidiary of Wisconsin Energy, for $850 million.[12] WICOR made water pumps, filters, and pool equipment components under the Sta-Rite, SHURflo, and Hypro brands.

In 2005, Pentair bought some of the assets of APW for $144 million, including McLean Thermal Management, Aspen Motion Technologies, and Electronic Solutions,[13] all of which provide thermal management products[14] and integration services to the telecom, medical, and security industries. This broadened Pentair's technical products line to include markets outside of the traditional electrical and electronics businesses.

In 2006, Pentair purchased Germany-based Jung Pumpen GmbH,[15][16] which makes pumps and other products for wastewater processing. The deal was completed in early 2007 for $227 million.[17]

Other acquisitions in 2005 and 2006 included Acu-Trol, Inc.,[18] Delta Environmental Products, selected assets of Krystal Klear, and a 70% stake in Beijing Jieming Tiandi Environmental Equipment (which was later renamed to Beijing Pentair Water Jieming), which produces fiberglass-reinforced pressure tanks and filters.

The company has announced an agreement to acquire water filtration and separation firm Porous Media for approximately $225 million. It has said that it plans to continue an active course of acquisitions, especially to grow its business outside the American market.

In 2012, Pentair Inc. (PNR) and Tyco International Ltd. (TYC)’s flow control business formally combined to create Pentair Ltd. The new company is described as a global manufacturer of “water and fluid solutions, valves and controls, equipment protection and thermal management products". Tyco shareholders now own approximately 52.5% and former Pentair Inc. shareholders own approximately 47.5% of Pentair Ltd. Following this merger the new company was based in Schaffhausen, Switzerland, with 30,000 employees and 100 manufacturing plants in 30 countries. Currently the headquarters are in Worsley, United Kingdom.

In August 2016, Pentair announced that it has entered into an agreement to sell the Valves & Controls business to Emerson, an American diversified global industrial company based in St. Louis, Missouri. The transaction was completed in April 2017.[5]

Discontinued operations

Pentair has discontinued its Century/Lincoln and Lincoln Industrial service equipment operations. It also exited the tools business with the sale of its power tools group (which had previously accounted for 40% of sales) in October 2004 to Black & Decker for nearly $800 million.[18]

Separation of nVent

In May 2018, Pentair created a sequel company to take control of its electrical division named nVent. The electrical division of Pentair did over $2.1 billion in revenue in 2016. Pentair 2 went public on the NYSE on May 1, 2018.[19] [20]

References

  1. ^ Pentair company profile at Funding Universe
  2. ^ Company Profile at Reuters
  3. ^ "Pentair PLC". Reuters. Retrieved 2018-09-13.
  4. ^ Pentair Official site
  5. ^ a b c Pentair Investor Relations site
  6. ^ "Pentair 2014 10-K Filing". p. 1. Retrieved 2015-12-23.
  7. ^ "Pentair 2015 Investor Day Presentation". p. 12. Retrieved 2015-12-23.
  8. ^ "Pentair Official website". p. 1. Retrieved 2018-09-13.
  9. ^ "Pentair Company History". p. 1. Retrieved 2015-12-23.
  10. ^ a b "Pentair's Acquisition of Essef Corporation Expands Water Segment, Opens New Growth Opportunities". April 30, 1999. Retrieved 2015-12-23.
  11. ^ "PENTAIR, A TOOLS MAKER, IS MAKING ACQUISITION". August 14, 1999. Retrieved 2015-12-23.
  12. ^ "Pentair Completes Acquisition of WICOR Industries". PRNewswire. August 2, 2004. Retrieved 2008-10-01.
  13. ^ "Pentair acquires thermal management company". EETimes. October 17, 2005. Retrieved 2008-10-01. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  14. ^ "Pentair Thermal Management in Russia". Retrieved 2013-07-12.
  15. ^ "Pentair affirms 2007 profit target, updates Jung Pumpen deal". Marketwatch. The Wall Street Journal. February 6, 2007. Retrieved 2008-10-01.
  16. ^ "Pentair Expands European Pump Presence with Acquisition of Jung Pumpen GmbH". Find Articles/Business Wire. December 11, 2006. Retrieved 2008-10-01.
  17. ^ "Pentair Inc · 10-K · For 12/31/06". SEC Info. December 12, 2006. p. 5. Retrieved 2008-10-01.
  18. ^ a b "Pentair Buys Acu-Trol". Pool and Spa News. September 18, 2006. Retrieved 2008-10-01. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  19. ^ https://www.nasdaq.com/press-release/pentair-completes-separation-of-nvent-20180430-01526
  20. ^ https://www.businesswire.com/news/home/20180430006051/en/nVent-Announces-Completion-Separation-Pentair
  • Business data for Pentair:
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