Pentair expects the net debt at the time of closing to be minimal and plans to fund the transaction with a combination of cash, revolving credit facility funding and investment grade financing. In 2010, CPT reported, on an International Financial Reporting Standards basis, €222m of net sales and €35m of IFRS operating result before depreciation and amortisation.
CPT is a global leader in membrane solutions and clean process technologies in the high growth water and beverage filtration and separation segments. Supported by more than a century of innovation and expertise and backed by its own proprietary technology, CPT provides sustainable purification systems and solutions for desalination, water reuse, industrial applications and beverage segments that effectively address the increasing challenges of clean water scarcity, rising energy costs and pollution. CPT’s product offerings include innovative ultrafiltration and nanofiltration membrane technologies, aseptic valves, CO2 recovery and control systems and specialty pumping equipment.
“Technology plays a major role in addressing the increasing challenges of clean water supply and rising energy costs. With leading membrane technologies, CPT provides components, systems, and services that will broaden and deepen our capabilities in desalination, water reuse and high efficiency industrial applications – and enable us to provide more integrated solutions to our customers,” said Randall J Hogan, Pentair chairman and chief executive officer.
“This acquisition will position Pentair as a leader in the attractive food and beverage sector, where CPT’s expertise is highly valued, and will meaningfully strengthen our presence in fast growth regions, including China, Latin America and the Middle East,” Hogan added.
The transaction is expected to close in the second quarter of 2011.
Source: Pentair Inc
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