The full year sales increase reflected broad-based growth in both water and technical products, and included 8% from the acquisition of Clean Process Technologies (CPT).
“Delivering strong sales and over 20% adjusted earnings growth for the year were significant accomplishments given challenging market conditions,” said Randall Hogan, Pentair chairman and chief executive officer.
“Robust sales in fast growth regions, along with distribution gains and new product introductions drove sales higher. Pricing and productivity discipline enabled another year of margin expansion, and we continued to invest in the innovation, brands and global capabilities that we believe position us well to deliver long-term, sustainable growth.”
Water sales grew 21% year-on-year to $608m in the fourth quarter. Residential filtration sales were up 5%, reflecting continued strength in fast growth regions, offset by lower residential water treatment component sales in developed regions.
Filtration Solutions sales were up 136%, reflecting a 133 percentage point or $92m contribution from the CPT acquisition. The remaining three percentage points reflected year-over-year sales growth in foodservice and desalination.
The Pentair Group acquired the CPT business from Netherland’s based Norit Filtrix in April 2011. The company is now part of the group as Pentair Filtrix.
Source: Pentair
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