Pentair Completes Transaction to Acquire Manitowoc Ice
28 Julho 2022 - 5:15PM
Business Wire
Complementary acquisition enhances Commercial
Water Solutions business; delivers total water management solutions
for foodservice and hospitality customers
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.
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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
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