The estimated $10-billion merger of Pentair Inc. and the Flow Control business of Tyco International Ltd. is completed, now forming Pentair Ltd. The new company is described as a global manufacturer of “water and fluid solutions, valves and controls, equipment protection and thermal management products.”
The merger was announced in March, following an earlier decision by Tyco to spin off its holdings into three separate companies. Only one of these three, Tyco Flow Control, is consolidated with Pentair.
Tyco shareholders now own approximately 52.5% and former Pentair Inc. shareholders own approximately 47.5% of Pentair Ltd.
"We now have an even stronger company, with the scale to capitalize on our growth opportunities, unlock substantial synergies and generate strong shareholder returns," stated Randall J. Hogan, chairman and CEO 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 new company is based in Schaffhausen, Switzerland, with 30,000 employees and 100 manufacturing plants in 30 countries. The U.S. headquarters are in Minneapolis.
"We are excited to welcome Flow Control employees to Pentair," according to Hogan. "We believe our shared vision and commitment to operational excellence through Pentair's Integrated Management System will lead to better growth and success."