Pentair Technical Products Inc history

The Aplex product line dates back to the 1960’s oilfield pump industry.

1966 Pentair is founded as a partnership, led by Murray Harpole and focused on making hot-air balloons.

However, both the canoe and inflatables businesses were fraught with problems; by the end of 1967, the company had few assets, zero profits, and little direction.

Autonomously operated, subsidiaries in these groups (which include market leaders Delta International Machinery Corp., Porter-Cable Corporation, Fleck Controls, Hoffman Enclosures Inc., and Schroff) maintain 50 locations in North America, Europe, and Asia. Its enviable record of growth (since 1969, return on common equity has averaged nearly 17 percent) is due to its highly distinctive, corporate strategy of buying underperforming--even foundering--concerns and then implementing capital and management improvements to effect quick turnarounds.

Pentair signaled its arrival as a major corporation by declaring its first quarterly cash dividend in 1976.

The company signaled its arrival as a major corporation by declaring its first quarterly cash dividend in 1976.

For investors, the delay will no doubt be worth it: Pentair, with a 17.7 percent compounded dividend return since 1976, has earned high esteem from shareholders and analysts alike.

1981 Diversification drive begins with acquisition of portable power tool maker Porter-Cable Corporation.

1984 Woodworking equipment maker Delta International is acquired.

In 1986 Pentair, Inc. of St Paul, Minnesota, acquired Myers, which now is part of the Pentair Pump Group.

1986 Pentair purchases McNeil Corporation, maker of lubricating products, automotive service equipment, and water pumps.

Peterson, Susan E., “Pentair on the Prowl: The Conglomerate Has Been Seeking a Major Acquisition for More Than a Year,” Star Tribune, June 20, 1992.

Harpole, Murray J., Living the American Dream: Pentair, Inc. —The First Twenty-Five Years, St Paul, Minn.: St Thomas Technology Press, 1992.

In September 1994 Pentair announced that it was examining the future of its paper businesses.

Pentair could no longer afford to ride the ups and downs of a noncore business (only 10 percent of 1994 operating income came from paper), and management decided to jettison all the paper operations.

1994 Schroff, maker of electronics enclosures, is acquired.

Youngblood, Dick, “Pentair Transforms Itself Once More,” Star Tribune, September 18, 1995.

In November 1995 Biesemeyer Manufacturing Corporation, maker of precision woodworking accessories, was acquired and became a subsidiary of Delta.

Myers-Aplex Overview In 1996, Aplex products were added to the Myers industrial line.

One of his initial goals, inherited from Nugent, was to acquire another manufacturing company with sales from $200 to $500 million while elevating overall corporate sales to $2 billion by 1996.

In August 1999 the company purchased Essef Corporation of Chardon, Ohio, for $310 million in cash and the assumption of approximately $120 million in debt.

In December 1999 Randall Hogan was promoted to president and chief operating officer.

These latest deals pushed Pentair's revenues for 1999 over $2 billion for the first time, to $2.37 billion.

The discontinued operations were the Lincoln Industrial automated lubrication unit and the Century Manufacturing automotive service equipment business, both of which were divested in 2001.

A pretax restructuring charge of $40.1 million and a pretax loss of $36.3 million on the sale of the Lincoln and Century businesses were major factors in a further reduction in profits for 2001 to $32.9 million.

2001 — Enprotech Corp acquires another facility in Laporte, IN to expand and better serve steel industry customers in that region

A strong turnaround in 2002, when net income jumped to $129.9 million, signaled the beginning of another acquisitions spree, this one focused on Pentair's operations in the water technologies industry, which company officials viewed as a fast-growing and lucrative opportunity.

2003 — EIT formed a service agreement with Sumitomo Heavy Industries to provide after-sale service in North America

In December 2005 Pentair paid APW, Ltd., $140 million for its McLean Thermal Management, Aspen Motion Technologies, and Electronic Solutions businesses.

By 2005 Pentair had created a $2 billion business in the water industry through a dozen acquisitions.