Pentair Divests Spa and Bath Business, Further Concentrates on Pool Equipment Business

2008-11-21 17:50 1038

MINNEAPOLIS, Minn., Nov. 21 /PRNewswire/ -- Pentair, Inc. (NYSE: PNR) announced that it has agreed to sell its Spa and Bath business to Balboa Water Group in a cash transaction.

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"This sale enables us to concentrate more fully on growth in our core global pool equipment business," said Pentair Chairman and Chief Executive Officer Randall J. Hogan. "Pool equipment continues to be an attractive platform for Pentair, and we are focused on continuing to deliver industry-changing innovation, such as our energy-efficient and environmentally friendly Eco-Select line of products, for pool owners around the world."

The sale is subject to customary closing conditions and is expected to close in the 4th quarter 2008. The company expects to use the cash proceeds to pay down debt.

Source: Pentair, Inc.