Pentair Announces Dividend and Share Repurchase Authorizations
SCHAFFHAUSEN, Switzerland, Sept. 28, 2012 /PRNewswire/ -- Pentair Ltd. (NYSE: PNR) today announced that its sole shareholder prior to the spin-off, Tyco International Ltd. (Tyco), has authorized Pentair Ltd. to pay a cash dividend of $0.22 per share on November 9, 2012 to shareholders of record on October 26, 2012. Prior to the spin off, the Pentair Ltd. board also authorized an initial stock repurchase program consistent with the March, 2012 merger announcement of $400 million to commence immediately on October 1, 2012.
The dividend for the 2012 fourth quarter will result in Pentair, Inc. and Pentair Ltd. having paid total cash dividends for 2012 of $0.88 per share, an increase of 10% vs. dividends paid in 2011. Tyco as sole shareholder also approved raising the quarterly dividend to $0.23 per share per quarter effective for the first and second quarters of 2013. Pentair Ltd. intends to seek authorization from its shareholders at its 2013 annual general meeting of shareholders to extend the increased dividend or increase the dividend further for the remainder of 2013. If approved by the shareholders, the 2013 dividend increase will mark the 37th consecutive year in which Pentair has increased its dividend.
ABOUT PENTAIR LTD.
Pentair Ltd. (www.pentair.com) delivers industry-leading products, services and solutions for its customers' diverse needs in water and other fluids, thermal management and equipment protection. With pro forma 2011 revenues of more than $7 billion, Pentair employs more than 30,000 people worldwide.
This press release contains statements that Pentair believes to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the anticipated benefits of the merger or Pentair's anticipated financial results, are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "targets", "plans", "believes", "expects", "intends", "will", "likely", "may", "anticipates", "estimates", "projects", "should", "would", "expect", "positioned", "strategy", "future" or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond Pentair's control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the ability to successfully integrate Pentair and the flow control business and achieve expected benefits from the merger; overall global economic and business conditions; competition and pricing pressures in the markets Pentair serves; the strength of housing and related markets; volatility in currency exchange rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; increased risks associated with operating foreign businesses; the ability to deliver backlog and win future project work; failure of market to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve Pentair's long-term strategic operating goals. Additional information concerning these and other factors is contained in Pentair's filings with the U.S. Securities and Exchange Commission ("SEC"), including in the proxy statement/prospectus that Pentair filed with the SEC on August 3, 2012 in connection with the merger. All forward-looking statements speak only as of the date of this press release. Pentair assumes no obligation, and disclaims any obligation, to update the information contained in this press release.
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SOURCE Pentair Ltd.