Pentair Inc. and Tyco International Ltd.’s flow control business formally combined to create Pentair Ltd., which will specialize in water and fluid solutions as well as industrial valves and pumps.
The company is incorporated in Switzerland from its Schaffhausen base near the German border for tax reasons with its main offices remaining in Minneapolis. Effective today, Pentair will be included in the S&P 500 Index, it said.
Completion of the merger announced in March of the water filtration firm and Tyco’s flow control business valued the flow unit at about $4.9 billion including debt. Chief Executive Officer Randall Hogan heads Pentair Ltd., which he said then would be the largest flow, filtration and equipment-protection company.
“We have significantly increased our global presence,” Hogan said in today’s statement. “Looking forward, we believe Pentair is uniquely positioned to benefit from the increased demands on energy, water, infrastructure and agriculture resulting from the growing population and wealth of the world.”