Pentair plc (PNR) is a multinational diversified industrial company incorporated in Ireland with tax residency in UK, with its main U.S. office located in Minneapolis, Minnesota. Pentair was founded in the US, where roughly half of the company's revenue is derived as of 2015. However, PNR was reorganized in 2014, shifting the corporate domicile from Switzerland to Ireland.
Until a major restructuring in 2004, the company was primarily an industrial tool manufacturer. Now, the company's primary focus is water and fluid controls used in the energy, food & beverage and manufacturing industries as well as infrastructure. Its fiscal year 2015 revenues were US$6.43 billion and it employs more than 30,000 people worldwide.
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.
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.
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.
In August 1999, Pentair bought the DeVilbiss Air Power Company for $460 million in cash. DeVilbiss mades air compressors, pressure washers and generators, which complemented 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. 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, all of which provide thermal management products 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, which makes pumps and other products for wastewater processing. The deal was completed in early 2007 for $227 million.
Other acquisitions in 2005 and 2006 included Acu-Trol, Inc., 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 is anticipated to be completed late in 2016 or early in 2017 and is subject to customary closing conditions and necessary regulatory approvals.
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.
References
External links
- Pentair corporate site
- Pentair Pool
- Company history
