Pentair Gets OK For Tool Unit Sale To Black&Decker>PNR
Dow Jones Equity News, Wednesday, September 29, 2004 at 09:46
GOLDEN VALLEY, Minn. (Dow Jones)--Pentair Inc. (PNR) received
regulatory clearance to sell its tools unit to Black&Decker Corp. (BDK) for
about $775 million in cash.
In a press release Wedensday, maker of water pumps, pool products and
other equipment Pentair said it now expects to close the transaction in
Pentair will use proceeds from the deal, originally disclosed in July,
to pay down debt incurred during its acquisition of Wicor Industries.
In a separate press release, toolmaker Black&Decker said it continues
to expect the acquistion of Pentair's tools unit, which includes the
Porter-Cable, Delta and FLEX brands, to slightly boost earnings in 2004, add
about 50 cents a share to earnings in 2005, and 25 cents in each of the
following two years. The company said the purchase, which will fit with its
DEWALT unit, will allow it to make save $65 million in costs by 2007.