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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases
Pentair Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: April 24, 2012 06:12PM
Pentair Inc. (PNR) filed Quarterly Report for the period ended 2012-03-31. Highlight of Business Operations:We are a focused diversified industrial manufacturing company comprised of two operating segments: Water & Fluid Solutions and Technical Products. Water & Fluid Solutions is a global leader in providing innovative products and systems used worldwide in the movement, storage, treatment and enjoyment of water. Technical Products is a leader in the global enclosures and thermal management markets, designing and manufacturing standard, modified and custom enclosures that house and protect sensitive electronics and electrical components and protect the people that use them. In 2011, Water & Fluid Solutions and Technical Products accounted for approximately 2/3 and 1/3 of total revenues, respectively.On March 27, 2012, we entered into a definitive agreement to merge with the flow control business of Tyco International Ltd. (Tyco) in a tax-free, all-stock merger (the Merger). We expect the Merger will bring together complementary leaders in water and fluid solutions, valves and controls, and equipment protection products to create a premier industrial growth company. The Tyco flow control business had net revenue and operating income for its fiscal year ended September 30, 2011 of $3.6 billion and $296 million, respectively. The transaction values the Tyco flow control business at approximately $4.9 billion based on the March 26, 2012 Pentair stock price, including assumed net debt of $275 million and minority interest. The 0.2 percentage point decrease in Water & Fluid Solutions operating income as a percentage of net sales in the first quarter of 2012 as compared to 2011 was primarily the result of:
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