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Pentair (NYSE:PNR - News) announced that it has reached a definitive agreement to acquire the assets of Jung Pumpen ("Jung"), a German manufacturer of wastewater products for the municipal and residential markets.
Jung brings to Pentair its strong application engineering expertise, and a complementary product offering, including a new line of water re-use products, submersible wastewater and drainage pumps, wastewater disposal units and tanks. Jung also brings to Pentair its European presence, a training facility in Germany, and sales offices in Austria, France, Hungary, Poland and Slovakia.
"Pentair Water expands its reach into the European wastewater market with the addition of Jung," said Richard Cathcart, Pentair vice chairman. "We view the wastewater market as an attractive growth opportunity - especially in Eastern Europe, where environmental considerations, new regulations and improving infrastructure are accelerating the connection rates of homes to municipal infrastructure."
The transaction is subject to receipt of approval from the German Federal Cartel Office and is expected to be completed in early 2007.