Pentair
Pentair, Inc., Minneapolis, announced that it has agreed to sell its Spa and Bath business to Balboa Water Group in a cash transaction.
"This sale enables us to concentrate more fully on growth in our core global pool equipment business," said Pentair chairman and CEO Randall J. Hogan. "Pool equipment continues to be an attractive platform for Pentair, and we are focused on continuing to deliver industry-changing innovation, such as our energy-efficient and environmentally friendly Eco-Select line of products, for pool owners around the world."
The sale is subject to customary closing conditions and was expected to close in the fourth quarter 2008. The company expects to use the cash proceeds to pay down debt.
Posted: December 2008
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