PENTAIR'S DELTA UNIT SELLS BRAZILIAN OPERATION
PENTAIR'S DELTA UNIT SELLS BRAZILIAN OPERATION ST. PAUL, Minn., Sept. 15 /PRNewswire/ -- Pentair, Inc.
(NASDAQ-NMS: PNTA), the St. Paul-based manufacturer of industrial products and paper, announced the sale of the Brazilian operation of Delta International Machinery Corp. to Brazilian interests. The Invicta Delta operation, located in Limeira, Brazil, manufactured industrial woodworking equipment primarily for Brazilian and South American markets. The transaction closed Sept. 1, 1992.
"Invicta was of little strategic importance in Delta's business plan," said Joe Collins, Pentair Specialty Products Group president. "This fact, coupled with continued concern about the on-going economic instability in Brazil, prompted Delta to sell the business." Pentair Chief Financial Officer Jack Grunewald said the sale generated a modest gain that will contribute to Pentair's third quarter results. The company expects to release its third quarter earnings in mid-October. Delta International Machinery Corp., a manufacturer of woodworking equipment, is one of 10 Pentair businesses which make electric power tools, sporting ammunition, electrical enclosures, automotive service equipment, industrial lubrication systems, material dispensing equipment, pumps and paper. Pentair common stock is quoted on the NASDAQ National Market System under the symbol: PNTA. -0- 9/15/92 /CONTACT: Mark Cain of Pentair, 612-636-7920/ (PNTA) CO: Pentair, Inc. ST: Minnesota IN: SU:
AL -- MN006 -- 9641 09/15/92 12:38 EDT
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|Date:||Sep 15, 1992|
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