Pentair to buy CPT division from Norit
Pentair Inc is to acquire the Netherlands-based Clean Process Technologies (CPT) division of Norit Holding BV in the second quarter of this year for € 503 million (US$ 705 million), plus net debt at closing.Pentair announced the agreement on 3 April 2011.
CPT is a global leader in membrane solutions and clean process technologies in the high-growth water and beverage filtration and separation segments. Backed by its own proprietary technology, CPT provides sustainable purification systems and solutions for desalination, water reuse, industrial applications and beverage segments to address the increasing challenges of clean water scarcity, rising energy costs and pollution.
CPT's product offerings include ultrafiltration and nanofiltration membrane technologies, aseptic valves, CO2 recovery and control systems and specialty pumping equipment.
The Norit division has approximately 1,200 employees and operates five production and research and development facilities. With more than 170 distributors across 100 countries, CPT has broad sales diversity with approximately 45% of revenues generated in Western Europe, 20% in Asia-Pacific and nearly 10% in each of Latin America and the Middle East, with the balance in rest-of-Europe and North America.
Pentair estimates CPT full-year 2011 sales to be greater than € 250 million (US$ 350 million) on a US GAAP basis.
"This acquisition will position Pentair as a leader in the attractive food and beverage sector, where CPT's expertise is highly valued, and will meaningfully strengthen our presence in fast growth regions, including China, Latin America and the Middle East," said Randall J Hogan, Pentair chairman and CEO.