Sam Black, Staff reporter
Golden Valley-based Pentair Inc. announced Tuesday morning that it plans to acquire water filtration manufacturer Everpure, Inc. for $215 million.
Northbrook, Ill.-based Everpure is a division of the USFilter Corp., a unit of Veolia Environment, based in Paris. Veolia is the largest environmental services company in the world, with more than 295,000 employees in about 100 countries and annual revenue of more than $31.5 billion.
Everpure makes water filtration products for commercial and consumer sectors. It expects more than 60 million in net sales in 2003.
The all-cash transaction is expected to close by the end of 2003, pending regulatory approvals.
"Everpure makes Pentair a global leader in the commercial filtration segment, which includes the fast-growing food service and vending market," said Randall J. Hogan, Pentair Chairman and CEO.
Everpure has about 70 filtration technology patents. More than 70 percent of the divisions revenues come from the sales of replacement cartridges. It sells its products in North America, Europe and Asia.
The division will be folded into Pentair's existing Water Technologies Group, a fast-growing part of Pentair that will post more than $1 billion in 2003 revenues.
Pentair has made 11 acquisitions in that segment since 1995. Last year, it bought the Plymouth Product's water filtration equipment business from US Filter.
Since that acquisition, Plymouth Products profits improved 17 percent, according to a Pentair press release.
Shares of Pentair on the New York Stock Exchange closed down 28 cents, or 0.7 percent, at $41.33 Tuesday.
email@example.com | (612) 288-2103