The recent merger between US companies Pentair and Tyco International has created a global leader in flow, filtration and equipment protection, according to the newly combined operation.
To be called Pentair, the new company brings together complementary leading companies in water and fluid solutions, valves and controls, and equipment protection products, and will be led by Randall J. Hogan – Pentair’s current chairman and chief executive officer. Combined turnover for 2012 is estimated at $7.7 billion.
According to the official announcement, the merger is expected to be tax-free to both companies as well as to Pentair and Tyco shareholders.
Commenting on the merger, Hogan said, “This is a highly compelling, transformational transaction, bringing together two great companies to create substantial value for shareholders and enhanced growth prospects. The addition of Tyco Flow perfectly aligns with Pentair’s growth strategy to expand globally, invest in high growth platforms and leverage the Pentair Integrated Management System to generate strong shareholder returns.”
He continued: “We believe that by combining with Tyco Flow, we can unlock substantial synergies, meaningfully increase our global presence and better serve our customers with a broader offering and expanded capabilities. The new Pentair will be well positioned to benefit from the increased demands on energy, water, infrastructure and industrial process resulting from the growing population and wealth of developing economies.”