APW Ltd. Announces Sale of Non-Core Subsidiaries to Pentair, Inc.

HAMILTON, Bermuda -- APW Ltd. announced today that it has agreed to sell to Pentair, Inc. three of its non-core subsidiaries with fiscal year 2005 third party sales of approximately $140 million. APW intends to use the sale proceeds to solidify its balance sheet by paying down a significant portion of its outstanding debt, which will position the company to grow its core business of designing, manufacturing and integrating electronic enclosures for a wide range of industry applications.

The subsidiaries being sold include McLean Midwest Corporation, based in Champlin, Minnesota, which manufactures premium, highly engineered thermal management solutions; the Electronic Solutions business based in Poway, California, which supplies electronic packaging solutions for embedded systems applications; and Aspen Motion Technologies, Inc., based in Radford, Virginia, which produces custom integrated motion control products.

William T. Allen III, APW's President and CEO, stated: "In addition to strengthening our balance sheet, we expect this transaction to enable APW to focus strategically on reestablishing itself as a leading global supplier of electronic enclosures with a commitment to excellence."

Allen added that, "APW also anticipates maintaining an ongoing commercial relationship with each of the McLean, Electronic Solutions and Aspen Motion businesses once the transaction closes."

APW expects that the transaction, which is subject to customary closing conditions, will close before the end of the calendar year.

APW is a recognized global leader in supporting original equipment manufacturers (OEMs) in the design, manufacture and integration of custom electronic enclosures for a broad range of industries including: telecommunications, datacom, semiconductor equipment, medical, gaming and industrial. APW has manufacturing facilities in locations throughout North America, Europe and Asia.