Tyco’s Flow Business Now Officially Pentair Valves & Controls
As of Sept. 28 Pentair and the flow control business of Tyco International have combined to create Pentair Ltd., an industrial growth company in water and fluid solutions, valves and controls, equipment protection and thermal management products.
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The merger was structured as a tax-free “Reverse Morris Trust” transaction. As a result of the distribution and merger, Tyco shareholders own approximately 52.5% and former Pentair, Inc. shareholders own approximately 47.5% of Pentair Ltd. on a diluted basis, with about 210 million shares outstanding.
The members of the Pentair, Inc. board of directors just before the merger, together with one new director designated by Tyco, are the members of the Pentair, Ltd. Board of Directors. In addition to Hogan, the Pentair, Inc. executive team remains in place as the senior executive team of the combined company.
Pentair Ltd. is incorporated in Switzerland with its main U.S. offices remaining in Minneapolis, MN. It delivers products, services and solutions for customer’s diverse needs in water and other fluids, thermal management and equipment protection.
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