Pentair and Tyco International Flow Business merge
Tyco Flow Control, part of Tyco International, merges with Pentair to create a global leader in water and fluid solutions, equipment protection and thermal management, providing global services to the geothermal sector to deal with highly corrosive steam.
In a release, Pentair Ltd. (NYSE:PNR) announced the completion of the merger of Pentair, Inc. and the Flow Control business of Tyco International Ltd. (NYSE:TYC). “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. Pentair Ltd. common shares are traded on the New York Stock Exchange under the symbol “PNR,” which was Pentair, Inc.’s trading symbol prior to the merger. Also effective today at the close of trading, Pentair will be included in the S&P 500 Index.
“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.”
Pentair delivers industry-leading products, services and solutions for its customers’ diverse needs in water and other fluids, thermal management and equipment protection. With pro forma 2011 revenues of more than $7 billion, Pentair employs more than 30,000 people worldwide.
Tyco Valves (Flow Control) has served the geothermal energy market for years providing valves and systems that effectively withstand highly corrosive steam. The company has serviced and provided solutions for flash steam, binary or combined cycle systems across the globe.
Source: Company release by e-mail