Pentair has completed its merger with the Flow Control business of Tyco International Ltd. Pentair, Inc. and Flow Control have combined to create Pentair Ltd., an industrial growth company that is a global leader in water and fluid solutions, valves and controls, equipment protection and thermal management products.
“We now have an even stronger company, with the scale to capitalize on our growth opportunities, unlock substantial synergies and generate strong shareholder returns,” said Randall J. Hogan, Chairman and Chief Executive Officer of Pentair Ltd. “We have significantly increased our global presence, and together have a broader offering and expanded capabilities for our customers. Looking forward, we believe Pentair is uniquely positioned to benefit from the increased demands on energy, water, infrastructure and agriculture resulting from the growing population and wealth of the world.”
The company now has 30,000 employees located in more than 30 countries, operates more than 100 manufacturing facilities and markets its products and services around the globe.
“We are excited to welcome Flow Control employees to Pentair,” said Hogan. “We believe our shared vision and commitment to operational excellence through Pentair’s Integrated Management System will lead to better growth and success.”
The members of the Pentair, Inc. Board of Directors immediately prior to the merger, together with one new director designated by Tyco, are the members of the Pentair, Ltd. Board of Directors. In addition to Mr. Hogan, the Chairman and Chief Executive Officer of Pentair Ltd., the Pentair, Inc. executive team remains in place as the senior executive team of the combined company.
Pentair Ltd. is incorporated in Switzerland with its main U.S. offices remaining in Minneapolis, Minnesota.
The merger was approved by Pentair, Inc. shareholders on September 14, 2012.