Pentair acquisition announced

Pentair, Inc. has entered into a definitive agreement to acquire the Clean Process Technologies (CPT) division from privately held Norit Holding, B.V. for €503 million (approximately $705 million USD), plus net debt at closing. The transaction is expected to close in the second quarter of 2011, subject to satisfaction of customary conditions and applicable regulatory approval. Pentair expects the acquisition to be $0.15 to $0.20 accretive to 2012 diluted earnings per share (EPS), the first full fiscal year following the acquisition.