investors.pentair.com
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https://investors.pentair.com/investor-relations/news-releases/news-release-details/2022/Pentair-Completes-Transaction-to-Acqu...
Submission: On August 02 via manual from US — Scanned from DE
Submission: On August 02 via manual from US — Scanned from DE
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<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps.html" aria-label="Water Supply Pumps">Water Supply Pumps</a>
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<div class="dropdown">
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<span class="back" aria-hidden="true">Water Supply Pumps</span>
<ul class="tier-4 greater">
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/booster-pumps.html" aria-label="Booster Pumps">Booster Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/centrifugal-pumps.html" aria-label="Centrifugal Pumps">Centrifugal Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/circulation-pumps.html" aria-label="Circulation Pumps">Circulation Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/compact-pumps.html" aria-label="Compact Pumps">Compact Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/drives-controllers.html" aria-label="Drives & Controllers">Drives & Controllers</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/end-suction-pumps.html" aria-label="End Suction Pumps">End Suction Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/industrial-pumps.html" aria-label="Industrial Pumps">Industrial Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/in-line-pumps.html" aria-label="In-Line Pumps">In-Line Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/irrigation-pumps.html" aria-label="Irrigation Pumps">Irrigation Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/marine-water-delivery-pumps.html" aria-label="Marine Water Delivery Pumps">Marine Water Delivery Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/marine-ballast-pumps.html" aria-label="Marine Ballast Pumps">Marine Ballast Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/multi-stage-pumps.html" aria-label="Multi-Stage Pumps">Multi-Stage Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/pressure-cleaning-pumps.html" aria-label="Pressure Cleaning Pumps">Pressure Cleaning Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/propeller-pumps.html" aria-label="Propeller Pumps">Propeller Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/rv-water-delivery-pumps.html" aria-label="RV Water Delivery Pumps">RV Water Delivery Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/split-case-pumps.html" aria-label="Split Case Pumps">Split Case Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/spray-pumps.html" aria-label="Spray Pumps">Spray Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/transfer-pumps.html" aria-label="Transfer Pumps">Transfer Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/turf-management-pest-control.html" aria-label="Turf Management & Pest Control">Turf Management & Pest Control</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/vertical-multi-stage-pumps.html" aria-label="Vertical Multi-Stage Pumps">Vertical Multi-Stage Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/vertical-turbine-pumps.html" aria-label="Vertical Turbine Pumps">Vertical Turbine Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-supply-pumps/well-pumps.html" aria-label="Well Pumps">Well Pumps</a>
</li>
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</div>
</div>
</li>
<li class="has-children">
<a href="https://www.pentair.com/en-us/products/business-industry/water-disposal-pumps.html" aria-label="Water Disposal Pumps">Water Disposal Pumps</a>
<span class="q4-icon_angle-right" aria-hidden="true"></span>
<div class="dropdown">
<div class="mobile-slider">
<span class="back" aria-hidden="true">Water Disposal Pumps</span>
<ul class="tier-4 greater">
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-disposal-pumps/effluent-pumps.html" aria-label="Effluent Pumps">Effluent Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-disposal-pumps/grinder-pumps.html" aria-label="Grinder Pumps">Grinder Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-disposal-pumps/marine-macerator-pumps.html" aria-label="Marine Macerator Pumps">Marine Macerator Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-disposal-pumps/rv-macerator-pumps.html" aria-label="RV Macerator Pumps">RV Macerator Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-disposal-pumps/self-priming-pumps.html" aria-label="Self-Priming Pumps">Self-Priming Pumps</a>
</li>
<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-disposal-pumps/sewage-pumps.html" aria-label="Sewage Pumps">Sewage Pumps</a>
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<li>
<a href="https://www.pentair.com/en-us/products/business-industry/water-disposal-pumps/solids-handling-pumps.html" aria-label="Solids Handling Pumps">Solids Handling Pumps</a>
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<a href="https://www.pentair.com/en-us/products/business-industry/water-disposal-pumps/submersible-pumps.html" aria-label="Submersible Solids Handling Pumps">Submersible Solids Handling Pumps</a>
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<a href="https://www.pentair.com/en-us/products/business-industry/water-disposal-pumps/sump-pumps.html" aria-label="Sump Pumps">Sump Pumps</a>
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<div class="module_headline module-details_title"><span id="_ctrl0_ctl54_lblModuleDetailHeadline">Pentair Completes Transaction to Acquire Manitowoc Ice</span></div>
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<i>Complementary acquisition enhances Commercial Water Solutions business; delivers total water management solutions for foodservice and hospitality customers</i>
</p>
<p> LONDON--(BUSINESS WIRE)-- Pentair plc (NYSE: PNR), a leading provider of water treatment and sustainable solutions, today announced that it has completed the previously announced transaction to acquire Manitowoc Ice
from Welbilt, Inc. (NYSE: WBT) for $1.6 billion, subject to customary adjustments. Manitowoc Ice is a leading provider of commercial ice makers. </p>
<p> “Manitowoc Ice is a great business and an iconic brand, and we are excited to welcome its team members to Pentair as we work together to deliver smart, sustainable water solutions to customers around the world,” said
John Stauch, Pentair President and CEO. “This strategic acquisition allows us to enhance and deliver our total water management offerings to an expanded network of channel partners and customers, further establishing
Pentair as a leader in a vast and growing industry.” </p>
<p> With more than 800 team members, a global installed base of approximately 1 million units and more than 200 models of commercial ice machines worldwide, Manitowoc Ice brings a complementary global commercial footprint
that will expand Pentair’s end-to-end water filtration and ice solution offerings for foodservice customers. </p>
<p> J.P. Morgan Securities LLC served as financial advisor to Pentair and Faegre Drinker Biddle & Reath LLP provided legal counsel. </p>
<p>
<b>ABOUT PENTAIR PLC</b>
</p>
<p> At Pentair, we inspire people to move, improve and enjoy life’s essential resources for happier, healthier lives. From our residential and business water solutions, to our sustainable innovations and applications, we
deliver smart, sustainable solutions for life. </p>
<p> Pentair had revenue in 2021 of approximately $3.8 billion, and trades under the ticker symbol PNR. With approximately 11,250 global employees serving customers in more than 150 countries, we work to help improve lives
and the environment around the world. To learn more, visit
<a rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.pentair.com%2F&esheet=52795130&newsitemid=20220728006023&lan=en-US&anchor=Pentair.com&index=1&md5=641428ef2e794c8e17d73817b16325a3" shape="rect">Pentair.com</a>.
</p>
<p>
<b>CAUTION CONCERNING FORWARD-LOOKING STATEMENTS</b>
</p>
<p> This release contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact
are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,”
“estimates,” “projects,” “should,” “would,” “could,” “positioned,” “strategy,” “future” or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. Any forward-looking
statements made about the acquisition, including the expected financial results of the acquired business and the anticipated benefits of the acquisition, and statements about our expected 2022 financial results are not
guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or
implied by such forward-looking statements. These factors include our ability to integrate the acquisition successfully; our ability to retain customers and employees of the acquired business; the overall impact of the
COVID-19 pandemic on our and the acquired business; the duration and severity of the COVID-19 pandemic, the impact of virus variants and the effectiveness of vaccinations; actions that may be taken by us, other
businesses and governments to address or otherwise mitigate the impact of the COVID-19 pandemic, including those that may impact our ability to operate our facilities, meet production demands, and deliver products to our
customers; the impacts of the COVID-19 pandemic on the global economy, our workforce, customers and suppliers, and customer demand; overall global economic and business conditions impacting our business, including the
strength of housing and related markets; supply, demand, logistics, competition and pricing pressures related to and in the markets we serve; volatility in currency exchange rates; failure of markets to accept new
product introductions and enhancements; the ability to successfully identify, finance, complete and integrate acquisitions; the ability to achieve the benefits of our restructuring plans, cost reduction initiatives and
transformation program; risks associated with operating foreign businesses; the impact of raw material, logistics and labor costs and other inflation; the impact of seasonality of sales and weather conditions; our
ability to comply with laws and regulations; the impact of changes in laws, regulations and administrative policy, including those that limit U.S. tax benefits or impact trade agreements and tariffs; the outcome of
litigation and governmental proceedings; and the ability to achieve our long-term strategic operating and ESG goals. Additional information concerning these and other factors is contained in our filings with the U.S.
Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021, and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. All forward-looking
statements, including all financial forecasts, speak only as of the date of this release. Pentair assumes no obligation, and disclaims any obligation, to update the information contained in this release. </p>
<p>
<img alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&sty=20220728006023r1&sid=acqr8&distro=nx&lang=en" style="width:0;height:0">
<span class="bwct31415"></span>
</p>
<p id="mmgallerylink">
<span id="mmgallerylink-phrase">View source version on <a href="http://businesswire.com">businesswire.com</a>: </span>
<span id="mmgallerylink-link">
<a href="https://www.businesswire.com/news/home/20220728006023/en/" rel="nofollow">https://www.businesswire.com/news/home/20220728006023/en/</a>
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</p>
<p>
<b>Pentair Contacts:
</b>
<br>Jim Lucas <br>Senior Vice President, Treasurer, FP&A and Investor Relations <br>Tel: 763-656-5575 <br>Email: <a rel="nofollow" href="mailto:jim.lucas@pentair.com" shape="rect">jim.lucas@pentair.com</a>
</p>
<p> Rebecca Osborn <br>Senior Manager, External Communications <br>Tel: 763-656-5589 <br>Email: <a rel="nofollow" href="mailto:rebecca.osborn@pentair.com" shape="rect">rebecca.osborn@pentair.com</a></p>
<p>Source: Pentair plc</p>
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NEWS RELEASE DETAILS
NYSE: PNR48.65|+0.20|+0.41%Minimum 20 minute delay08.02.2022
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Pentair Completes Transaction to Acquire Manitowoc Ice
07.28.2022
Download this Press Release PDF Format (opens in new window)
Complementary acquisition enhances Commercial Water Solutions business; delivers
total water management solutions for foodservice and hospitality customers
LONDON--(BUSINESS WIRE)-- Pentair plc (NYSE: PNR), a leading provider of water
treatment and sustainable solutions, today announced that it has completed the
previously announced transaction to acquire Manitowoc Ice from Welbilt, Inc.
(NYSE: WBT) for $1.6 billion, subject to customary adjustments. Manitowoc Ice is
a leading provider of commercial ice makers.
“Manitowoc Ice is a great business and an iconic brand, and we are excited to
welcome its team members to Pentair as we work together to deliver smart,
sustainable water solutions to customers around the world,” said John Stauch,
Pentair President and CEO. “This strategic acquisition allows us to enhance and
deliver our total water management offerings to an expanded network of channel
partners and customers, further establishing Pentair as a leader in a vast and
growing industry.”
With more than 800 team members, a global installed base of approximately 1
million units and more than 200 models of commercial ice machines worldwide,
Manitowoc Ice brings a complementary global commercial footprint that will
expand Pentair’s end-to-end water filtration and ice solution offerings for
foodservice customers.
J.P. Morgan Securities LLC served as financial advisor to Pentair and Faegre
Drinker Biddle & Reath LLP provided legal counsel.
ABOUT PENTAIR PLC
At Pentair, we inspire people to move, improve and enjoy life’s essential
resources for happier, healthier lives. From our residential and business water
solutions, to our sustainable innovations and applications, we deliver smart,
sustainable solutions for life.
Pentair had revenue in 2021 of approximately $3.8 billion, and trades under the
ticker symbol PNR. With approximately 11,250 global employees serving customers
in more than 150 countries, we work to help improve lives and the environment
around the world. To learn more, visit Pentair.com.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This release contains statements that we believe to be “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements, other than statements of historical fact are
forward-looking statements. Without limitation, any statements preceded or
followed by or that include the words “targets,” “plans,” “believes,” “expects,”
“intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,”
“should,” “would,” “could,” “positioned,” “strategy,” “future” or words, phrases
or terms of similar substance or the negative thereof, are forward-looking
statements. Any forward-looking statements made about the acquisition, including
the expected financial results of the acquired business and the anticipated
benefits of the acquisition, and statements about our expected 2022 financial
results are not guarantees of future performance and are subject to risks,
uncertainties, assumptions and other factors, some of which are beyond our
control, which could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. These factors include
our ability to integrate the acquisition successfully; our ability to retain
customers and employees of the acquired business; the overall impact of the
COVID-19 pandemic on our and the acquired business; the duration and severity of
the COVID-19 pandemic, the impact of virus variants and the effectiveness of
vaccinations; actions that may be taken by us, other businesses and governments
to address or otherwise mitigate the impact of the COVID-19 pandemic, including
those that may impact our ability to operate our facilities, meet production
demands, and deliver products to our customers; the impacts of the COVID-19
pandemic on the global economy, our workforce, customers and suppliers, and
customer demand; overall global economic and business conditions impacting our
business, including the strength of housing and related markets; supply, demand,
logistics, competition and pricing pressures related to and in the markets we
serve; volatility in currency exchange rates; failure of markets to accept new
product introductions and enhancements; the ability to successfully identify,
finance, complete and integrate acquisitions; the ability to achieve the
benefits of our restructuring plans, cost reduction initiatives and
transformation program; risks associated with operating foreign businesses; the
impact of raw material, logistics and labor costs and other inflation; the
impact of seasonality of sales and weather conditions; our ability to comply
with laws and regulations; the impact of changes in laws, regulations and
administrative policy, including those that limit U.S. tax benefits or impact
trade agreements and tariffs; the outcome of litigation and governmental
proceedings; and the ability to achieve our long-term strategic operating and
ESG goals. Additional information concerning these and other factors is
contained in our filings with the U.S. Securities and Exchange Commission,
including our Annual Report on Form 10-K for the year ended December 31, 2021,
and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. All
forward-looking statements, including all financial forecasts, speak only as of
the date of this release. Pentair assumes no obligation, and disclaims any
obligation, to update the information contained in this release.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20220728006023/en/
Pentair Contacts:
Jim Lucas
Senior Vice President, Treasurer, FP&A and Investor Relations
Tel: 763-656-5575
Email: jim.lucas@pentair.com
Rebecca Osborn
Senior Manager, External Communications
Tel: 763-656-5589
Email: rebecca.osborn@pentair.com
Source: Pentair plc
Categories: Press Releases
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