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05/28/2008 07:10 AM
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GE, Pentair Discussing Joint Water Venture
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Pentair, Inc. (NYSE: PNR) and GE Water & Process Technologies (NYSE: GE) are considering a joint venture to combine their respective global water softener and residential water filtration businesses.
Under the current framework in discussion, Pentair would own approximately 80% of the joint venture interests, and GE, 20%.
The combined businesses had 2007 net sales of approximately $450 million. The companies said they do not expect significant cash contributions would be required from either party to form the joint venture.
The joint venture creates significant sales growth and would accelerate the global development of innovative technologies to serve the residential water filtration and treatment market, the companies said in a release.
About Pentair, Inc.
Pentair is a diversified operating company headquartered in Minnesota. Its Water Group is a global leader in providing innovative products and systems used worldwide in the movement, treatment, storage and enjoyment of water. Pentair's Technical Products Group is a leader in the global enclosures and thermal management markets, designing and manufacturing thermal management products and standard, modified, and custom enclosures that house and protect sensitive electronics and electrical components. With 2007 revenues of $3.30 billion, Pentair employs approximately 16,000 people worldwide.
Website: http://www.pentair.com
