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Pentair Buys Wicor Industries

GOLDEN VALLEY, MN-Part of the package includes 2.2 million sf of industrial space. Wisconsin Energy will use the $850 million in proceeds from the sale to build new power plants and distribution facilities, among other things.

By Jim McCartney | Updated on February 05, 2004

GOLDEN VALLEY, MN-Wisconsin Energy Corp. said Wednesday that it has agreed to sell Wicor Industries, a manufacturer of water systems, filtration, and pool equipment products, to Pentair Inc. for $850 million. Proceeds from the sale will be used to help fund the construction of new electric generating and distribution facilities, reduce Wisconsin Energy debt, and buy about $50 million of Wisconsin Energy common stock. In addition, Pentair will assume about $25 million of debt.

By buying Wicor, Pentair will also get about 2.2 million sf of manufacturing floor space worldwide, including two manufacturing locations in Minnesota. Following the sale, Pentair plans to relocate the headquarters of its Water and Wastewater Systems division to Delavan, WS. Wicor Industries manufactures equipment under the Sta-Rite, Hypro and SHURflo brands and had revenues of about $750 million in 2003.

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