Pentair Buys APW Ltd.'s Thermal Management Businesses

GOLDEN VALLEY, Minn., Oct. 17 -- Diversified operating company Pentair today announced that it has agreed to acquire certain assets of APW Ltd., including the McLean Thermal Management, Aspen Motion Technologies and Electronic Solutions businesses for approximately $119 million, after taxes and transaction costs. The businesses provide thermal management solutions and integration services to the telecommunications, data communication, medical and security markets.

The deal, which is subject to regulatory approval and other customary closing conditions, is expected to close by the end of the year. Pentair says it expects the transaction to be accretive to its earnings per share in the first full 12 months. Upon closing, these businesses will become part of Pentair's Enclosures Group -- a manufacturer of enclosures that house and protect sensitive electronics and electrical components for the industrial, commercial, telecommunications, data communications and networking markets -- which is expected to have annual sales of nearly $1 billion in 2006.

"This acquisition reflects Pentair's enclosures strategy to expand into markets adjacent to its base electrical and electronic enclosures business. The growth rates of the global thermal market are particularly attractive, reflecting the ever-increasing use of electronics in the industrial and technology markets," said Randall J. Hogan, Pentair chairman and CEO.

APW's thermal management business employs approximately 1000 people across three facilities. Its McLean Thermal Management business is based in Champlin, Minn., its Aspen Motion Technologies business in Radford, Va., and its Electronic Solutions business in Poway, Calif. The company's McLean brand systems cool indoor and outdoor cabinets and enclosures, protecting electronics used by the telecommunications, data communications, test equipment, medical, machine tool and automotive industries.

For more information, visit: www.pentair.com