The front portion of this report was printed
on paper made from 100% post-consumer
recycled fiber. Because we believe in being
part of the solution.
Seeing the
big picture.
5500 Wayzata Blvd, Suite 800
Minneapolis, MN 55416–1261
763.545.1730
www.pentair.com
Annual Report 2 011
Our vision
To be a diversified industrial growth company, a global enterprise and a responsible
citizen known for operational excellence, innovation, top talent and growing by serving
customers well while delivering superior long-term shareholder value.
Pentair
Leadership Team
2011 Sales BY s e g m e n t
2011 Sales BY r e g i o n
|
69%
Board Members
Leslie Abi-Karam
Executive Vice President and President
31%
of Mailing Solutions Management of Pitney Bowes Inc.;
Director since 2008
Water & Fluid Solutions
28%
26%
15%
Technical Products
Flow
Treatment/Process
Aquatic
|
|
|
|
Glynis A. Bryan
Water & Fluid Solutions
Chair of the Governance Committee; Chief Financial
Officer of Insight Enterprises, Inc.; Director since 2003
Pentair is a leading provider of innovative water and
Jerry W. Burris
President and Chief Executive Officer
fluid processing products and solutions used in a
of Associated Materials, LLC; Director since 2007
wide range of applications. Pentair’s comprehensive
product suite addresses all areas of fluid handling,
T. Michael Glenn
Executive Vice President of Market Development
with products ranging from energy-efficient pumps
and Corporate Communications of FedEx Corporation;
and point-of-use filtration to highly engineered
Director since 2007
pumps and fluid processing systems.
Charles A. Haggerty
Chief Executive Officer of LeConte Associates, LLC;
2011 Sales
Director since 1994
BY e n d -m a r k e t s e r v e d
David H. Y. Ho
W i tH i n Wat e r & F lu i d
Chairman, Kiina Investment Limited; Director since 2007
BY r e g i o n W i tH i n
Wat e r & F lu i d
2011 Sales
Randall J. Hogan
Chairman and Chief Executive Officer;
Director since 1999
David A. Jones
Chair of the Compensation Committee; Chair of the
International Committee; Senior Advisor to Oak Hill
Capital Partners; Director since 2003
|
|
|
|
|
52%
Residential
Ronald L. Merriman
Chair of the Audit Committee; Retired Vice Chair of KPMG;
18%
Industrial
Director since 2004
13%
Commercial
11%
Municipal
William T. Monahan
6%
Agriculture
Lead Director; Retired Chairman and CEO
of Imation Corporation; Director since 2001
US
Developed Non-US
Fast Growth Regions*
59%
21%
20%
|
|
|
Management
Randall J. Hogan
Chairman and Chief Executive Officer
61%
21%
18%
|
|
|
US
Developed Non-US
Fast Growth Regions*
Michael V. Schrock
President and Chief Operating Officer
Technical Products
John L. Stauch
Executive Vice President and Chief Financial Officer
Pentair is a leading provider of products that enclose
Frederick S. Koury
and protect some of the world’s most sensitive
Senior Vice President, Human Resources
electronics and electronic equipment, ensuring their
Angela D. Lageson
safe, secure and reliable performance. Technical
Senior Vice President, General Counsel and Secretary
Products provides a broad array of standard and
Mark C. Borin
customized enclosures and thermal management
Corporate Controller and Chief Accounting Officer
solutions to customers all around the world.
Michael G. Meyer
Vice President, Treasury and Tax
2011 Sales
Karl R. Frykman
BY e n d -m a r k e t s e r v e d
President, Aquatic Systems
W i tH i n t eC H n iC a l P r o d uC t s
BY r egio n WitH in
teCH n iC a l Pro duC ts
2011 Sales
Netha N. Johnson, Jr.
President, Process Technologies
Alok Maskara
President, Water Purification
Philip Pejovich
President, Technical Products
Gary S. Witt
|
37%
President, Flow Technologies
|
20%
|
11%
|
11%
|
7%
|
6%
|
8%
Industrial
Communications
Energy
General Electronics
Commercial
Infrastructure
Other
64%
24%
12%
|
|
|
US
Developed Non-US
Fast Growth Regions*
* Fast Growth Regions include China, India, Latin America, Southeast Asia, Eastern Europe, the Middle East and Africa
Annual Meeting
The Annual Meeting of Pentair shareholders
Investor Information
The world is changing. An expanding
population and a growing middle class
are driving demand for new and creative
solutions to the world’s challenges.
Registrar, Stock Transfer and Paying Agent
Wells Fargo Bank, N.A.
(625 Fourth Avenue South, Minneapolis, Minnesota).
Wednesday, April 25, 2012 at 10:00 a.m. Central
www.wellsfargo.com/com/investments/
in the auditorium of Thrivent Financial
St. Paul, Minnesota 55164-0854
shareowner-services
will take place on:
Tel. 877-536-3554
P.O. Box 64854
Investor Information
Shareholders seeking more information about
the Company can access news releases describing
Independent Registered Public Accounting Firm
Deloitte & Touche LLP, Minneapolis, Minnesota
significant Company events and earnings results
Commission filings at www.pentair.com.
Information may also be obtained by request
for each quarter and the fiscal year as well as
Form 10-K and other Securities and Exchange
anticipated financial results are forward-looking
from the Pentair Investor Relations Department,
5500 Wayzata Boulevard, Suite 800, Minneapolis,
By weaving an innovative spirit together
Caution Concerning Forward-Looking Statements
Any statements made about the Company’s
with a mindset of continuous improvement,
Pentair strives to always be at the forefront
of our industry, creating value across the
globe and generating sustainable returns
for our shareholders.
Stock Exchange Listing
New York Stock Exchange (symbol: PNR)
Dividends
Dividends are $0.22 per share and are paid quarterly
from restructuring and other cost reduction plans
integrate and realize the benefits of acquisitions;
from the global economic downturn, including
the current European Union debt crisis, or any
the magnitude, timing and scope of recovery
statements subject to risks and uncertainties such
potential future downturn; the strength of housing
may not be fully realized, or may take longer to
as the Company’s ability to successfully and timely
and related markets; the risk that expected benefits
Minnesota 55416.
in February, May, August and November. Pentair has
realize than expected; foreign currency effects;
paid 144 consecutive quarterly dividends.
material inflation outpacing our productivity and
Dividend Reinvestment
Pentair offers a Dividend Reinvestment Plan which
At Pentair, we have a clear vision of the
opportunities ahead and the discipline to
deliver results.
enables shareholders of record the opportunity to
automatically reinvest Pentair dividends and to
invest up to an additional $3,000 per calendar
foreign businesses; product introductions;
pricing and other competitive pressures; and
strategic operating goals, as well as other risk
the Company’s ability to achieve its long-term
pricing actions; retail, commercial and industrial
demand; increased risks associated with operating
quarter in Pentair common stock, with any costs
factors set forth in our SEC filings. Forward-looking
of purchasing the shares paid by the Company.
statements included herein are made as of the date
Plan and enrollment information are available from
hereof, and the Company undertakes no obligation
the Company or Wells Fargo Bank, N.A.
to update publicly such statements to reflect
subsequent events or circumstances. Actual results
could differ materially from anticipated results.
12 Pentair Annual Report 2011
3 Pentair Annual Report 2011
3 Pentair Annual Report 2011
The growing population and wealth
of the developing economies create a
tremendous opportunity for Pentair.
3.5
3.0
2.7
2.41*
2.00
0.34
1.47*
1.17
248
207
211
0.80
0.76
0.72
’09
’10
’11
’09
’10
’11
’09
’10
’11
’09
’10
’11
Net sales
($ in billions)
Diluted EPS
from continuing operations ($)
reported adjusted
Free cash flow
($ in millions)
Annual dividend
($ per share)
* 2011 adjusted EPS excluded a restructuring charge of $0.10, acquisition related costs of $0.15 and a goodwill impairment charge of $1.82; 2009 adjusted EPS excluded
a restructuring and bond redemption charge of $0.16, and an asset impairment charge of $0.14.
• We returned approximately $80 million to
reliability and performance. 2011 marked another year
generating strong cash flow, consistently converting
shareholders through dividends and raised our
quarterly dividend for the 36th consecutive year
for 2012, up 10 percent.
• Adjusted diluted earnings per share from continuing
of robust product launches, from broadening our
greater than 100 percent of net income to free cash
Eco-Select pool offerings to entering waste-to-energy
flow while investing for future growth — a testament to
with the anaerobic membrane bioreactor.
our lean disciplines.
operations (EPS) increased 21 percent to $2.41, while
We continue to grow beyond current markets by
The foundation of everything we do is our “Win Right”
reported EPS was $0.34 after a non-cash goodwill
identifying new, adjacent opportunities. In Technical
culture. A bold projection of “Win Right” is Project
impairment charge and restructuring and acquisition
Products, for example, our global thermal platform was
Safewater-Colón. This multi-year initiative, funded by
related costs totaling $2.07 per share.
up 40 percent outside the U.S. in 2011 as we designed,
the Pentair Foundation, demonstrated that it’s possible
Sustained Growth
The investments we have made are paying off, and we
developed and manufactured new products in China,
to provide people in developing countries with affordable
for China. In Water & Fluid Solutions, we extended our
and sustainable sources of safe drinking water, and we
separation technology know-how beyond oil refineries
are focused on sharing these protocols to provide safe
continue to strengthen Pentair at the core every day.
to natural gas production and transport and continue
water to those in need all around the world.
We are increasingly global. Fast growth regions now
total approximately 18 percent of our annual sales,
roughly double that of five years ago. We’ve invested
over $60 million over the past three years with
localized manufacturing, engineering and Lean
Enterprise capabilities supporting our in-region,
for-region strategy. In 2011, we doubled our product
launches in fast growth regions from two years ago
and have more than 30 percent of our engineering
resources now located in these regions. China,
to find new ways to grow.
Realigning for Growth
In a step towards advancing our global growth
Opportunities Ahead
Excellent execution of our strategic priorities in 2011
provides a solid position for us as we move forward.
strategies and execution, we introduced our new Water
Our presence in fast growth regions has never
& Fluid Solutions alignment that focuses on three key
been stronger, and we will continue to leverage the
platforms: Flow, Treatment and Process, and Aquatic.
investments in new product development and selling
Within this framework, we will prioritize technology
and marketing that we have seeded over the past
platforms, leverage scale and implement cross-business,
several years. Amid the continuing challenges of the
fast growth region strategies. This will help ensure that
global economy, we are ramping up productivity
we are working as one Pentair on opportunities in key
initiatives, further prioritizing investments and
Latin America, the Middle East and India all provide
growth markets.
tremendous growth opportunities for Pentair.
In 2011, we meaningfully advanced our global water
and fluid process capabilities through acquisitions,
most notably, Clean Process Technologies (CPT).
The Right Way
We believe the Pentair Integrated Management System
(PIMS) is the right way to create value for customers,
shareholder value.
grow our business and improve performance. From
repositioning the company to best serve the growing,
global needs of our customers. As we gain increasing
control of our own destiny, our portfolio provides
tremendous opportunity to create strong, sustaining
With over 90 percent of revenues outside of the U.S.,
Lean Enterprise to the Rapid Growth Process — we
CPT provides advanced separation technologies,
systems and application know-how, deepening our
global water filtration platform and expanding our
are continuously improving everything we do. In 2011,
we drove meaningful improvements in product
quality, on-time delivery, and workplace safety.
position in the attractive food and beverage markets.
One year into our Rapid Growth Process, we have
Randall J. Hogan
Chairman & Chief Executive Officer
We continue to invest more in research and
development (R&D) initiatives to ensure that we
deliver to customers what they need around efficiency,
trained over 800 global leaders in this new, disciplined
growth process and deepened our market-back view
of the opportunities. We also have over a decade of
Randall J. Hogan
Chairman & Chief Executive Officer
Dear fellow
shareholders
2011 was a good year for Pentair. I’m pleased with
our strong operating performance, with record sales,
margin improvement and good cash flow yield. Amid
market uncertainties and challenges, we sustained a
clear growth agenda through disciplined investments,
focused resource allocation and prioritized initiatives.
We continued to make good progress on strategic
priorities — setting the stage for future success and
sustainable growth.
Seeing the Big Picture
The increasing wealth of populations in fast growing
markets is putting incredible pressure and demands
on food, water, energy and industrial infrastructure
today. These global mega trends present opportunities
for Pentair. We continue to evolve into a more
global, technology-driven company to better serve
these growing needs, and to create long-term
shareholder value.
A year ago, I reported to you on the progress we’ve
made in expanding our presence in key growth
markets, strengthening our innovation capabilities
and driving operational excellence.
In 2011, we continued to make great strides on these
strategic imperatives and it was evident in our results.
2011 Financial Highlights
• We delivered record revenues of $3.5 billion,
with revenue growth of 14 percent.
• We generated free cash flow of $248 million,
representing another year of greater than
100 percent net income conversion.
4 Pentair Annual Report 2011
5 Pentair Annual Report 2011
Expanding our
global opportunities
The growing population and wealth
of developing economies creates a
tremendous opportunity for Pentair.
We are adding scale in fast growth
regions through focused investments
in global manufacturing, product
development and distribution —
accelerating Pentair’s growth.
With manufacturing capabilities across the globe,
including China, Brazil, India and Mexico, we are
where the growth is. To support our in-region,
for-region strategy, we continued to localize
product development to best serve local demands
and needs with faster launches and unique designs.
We are applying the Pentair Integrated Management
System and Lean Enterprise capabilities we have
already established in our more developed markets.
This creates more value for our customers and an
advantage compared to our competitors. In 2011,
we meaningfully expanded our global reach through
acquisitions in Water & Fluid Solutions — adding new
capabilities, technology and market reach.
Fast Growth Region sales grew 52 percent in 2011
compared to the prior year, reflecting expanded
distribution and more relevant innovation along
with added sales from acquisitions. We expanded
distribution across all businesses, with 40 percent
more distributors today than just two year ago,
and we’re continuing to invest in global sales
and marketing.
Greater scale in fast growth regions, more innovative
solutions for an expanded customer base and added
technology and application know-how position us
well to serve the growing, global demands and
needs of our customers.
In-Region, For-Region
With the completion of Technical Products Qingdao Design Center,
we brought a new level of development capabilities to the China region
in 2011. The Center includes a full-function testing lab, enabling a
quick launch of a new line of thermal management products designed
specifically for China’s fast growing markets.
Expanding Our Reach
We advanced our global water and fluid process capabilities through
the acquisition of Clean Process Technologies (CPT). With over
90 percent of revenues outside of the US, CPT deepens our global water
filtration platform, provides advanced fluid separation technologies and
expands our position in the attractive food and beverage markets.
First-Hand Experience
We opened our first Customer Experience Center
in Shanghai, China where visitors can gain a deeper
understanding of our latest water treatment
technologies and experience first-hand our
innovative product offerings.
Bringing Safe Water to Kureb
We installed a reverse osmosis filtration system in the remote
village of Kureb, India, to establish a model that would provide
access to safe water for the 5,000 villagers. By hiring and
training a local manager to operate the system, it ensures a
viable and self-sustaining enterprise for years to come.
Discover, Develop, Deploy
Design centers in India and China help support global product development
efforts. We are developing expertise in controls, engineering analytics
and systems design in India, and the China center is now almost entirely
focused on in-region, for-region product development — increasing both
our global capabilities and local relevance.
e
g
a
m
I
e
t
i
l
l
e
t
a
S
e
y
E
o
e
G
Strengthening Fast Growth
The acquisition of Hidro Filtros in Brazil strengthened our position
in the fast growing water filtration market in Latin America,
while the acquisition of Wuxi Pioneer Pumps added local pump
manufacturing capabilities in China.
6 Pentair Annual Report 2011
7 Pentair Annual Report 2011
Membrane bioreactors are not new to the food industry.
But the concept of combining an anaerobic process
with our Pentair X-Flow ® membranes is transformational.
Innovating for
sustainable growth
We made great strides in innovation
this year, bringing new products
to the marketplace faster than
before and deepening our global
technology capabilities.
strengthening our leading position in ultrafiltration
and breaking new ground in nanofiltration.
We’re continuing to leverage our leading brands
and technology expertise to expand into new
applications and markets. In Water & Fluid Solutions,
we are extending our offerings into the dairy
New product launches have increased 50 percent
market with waste-to-energy solutions and into
in the last 3 years. We’re improving how we
the oil and gas market with natural gas liquid
innovate by sharing best practices, closely tracking
separation systems. In Technical Products, we
key metrics and keeping the customer firmly at the
are capitalizing on our strong channel presence
center of our innovation strategy. We’re bringing
and reliable brand reputation to grow our thermal
greater value to our customers by providing
management solutions — providing customers
more efficient, customized and cost-effective
protective, efficient cooling solutions for sensitive
products and solutions. We continued to grow our
electronics and electrical equipment.
engineering presence in key fast growth regions
and maintained our focus on shifting from sustaining
We’re continuing to invest in innovation to drive
engineering to new product development. We’re
sustainable growth.
Waste-to-Energy
Efficiently treating waste streams can be a costly and cumbersome
process for plants in the dairy, food and beverage industries. By adding
our Pentair X-Flow® membranes and biogas recovery systems to
anaerobic membrane bioreactors, our customers can enjoy the benefits
of easy maintenance, increased biogas output and lower operating costs.
High-Flow, High-Efficiency
Our new line of Pentair BERKELEY® agricultural
irrigation pumps combines a high flow rate with
industry-leading efficiency, significantly reducing the
carbon footprint and cost of ownership compared to
standard models.
A Simpler Solution
With the announcement of our new Hybrid
Deionization system, customers will
experience the first system giving the
benefits of reverse osmosis filtration and
water softening while conserving more
water and requiring no salt.
Award Winning Innovation
Our Pentair Nijhuis™ fish-friendly
pump won the 2011 Overall Innovation
Award at Aquatech in Amsterdam,
a top global trade show for process,
drinking and waste water.
Eco-Friendly Innovations
Eco-Select is our most advanced and environmentally friendly suite of
pool pumps, heaters, filters and cleaners. These products, led by the
top-selling IntelliFlo pump, can reduce energy consumption and save
pool owners hundreds of dollars per year in operating costs.
Precision Brewing
In the production of beer and other carbonated beverages, minimizing the level
of oxygen is critical to ensuring a quality finished product. The newly launched O2
Gehaltemeter OGM uses optical technology that is not susceptible to interference
from organic substances and humidity, greatly improving response times and
reducing the need for frequent re-calibration.
8 Pentair Annual Report 2011
9 Pentair Annual Report 2011
Driving to a new level of
capabilities and focus
The Pentair Integrated Management
System (PIMS) is core to everything
we do. From Lean Enterprise to
Talent Management, we apply the
same set of principles across our
global businesses to drive growth,
greater efficiencies and increased
productivity — all while delivering
superior value to our customers.
A core tenet of Lean Enterprise is “Improving
Every Day,” and we continue to make meaningful
advancements toward our operational goals.
Already better than the industry average, our
safety performance improved from last year,
and we meaningfully exceeded our quality
and delivery goals. We increased capacity and
production while holding operating expenses
and capital investments constant as a percentage
of annual sales.
With our acquisitions, we began building a Lean
culture on day one, improving on-time-delivery and
safety rates and significantly reducing machine
set-up and idle times.
With the addition of the Rapid Growth Process
to the PIMS toolkit, we’re able to more quickly
recognize which opportunities hold potential and
will provide the sustainable, profitable growth we
demand from our investments. In the first year
alone, we’ve conducted over 40 Alpha Tests,
which identified approximately $500 million
in potential future opportunities through the
Rapid Growth Process.
With PIMS, we keep our focus on the customer,
and they’re taking note. We’ve been recognized with
vendor of the year distinctions by multiple customers
for our ability to efficiently and proactively deliver
our products where and when they’re needed most.
Customer Alignment
In early 2012, we realigned Water & Fluid Solutions to focus on
three growth platforms: Flow (Flow Technologies business),
Treatment/Process (Water Purification and Process Technologies
businesses) and Aquatic (Aquatic Systems business), enhancing
our ability to address market opportunities, better serve our
global customers and leverage scale.
Sustainability at Work
Last year, we made the conscious decision to replace our
Pisa, Italy plant’s aging roof completely with solar panels.
Today the panels generate over 50 percent more energy than the
plant uses, allowing the excess electricity to be sold back into
the power grid, providing clean, renewable energy for the city.
Moving Beyond the Oil Refinery
We are breaking into new gas separation
applications as we apply existing technology and
systems know-how to a broader set of customer
needs. Our Pentair POLAREX® system allows
proven, cost-effective contaminant removal from
natural gas liquids for shale gas developments.
One-Year Anniversary
In its first year, the Rapid Growth Process has
provided the framework, tools and methodology
that allow us to confidently identify new market
opportunities and increase the speed of new
product development, bringing innovative
products to our customers more quickly.
Proving the World’s Water Crisis is Solvable
With more than one billion people around the world lacking access to safe
drinking water, Project Safewater-Colón proved that for just pennies a day,
this crisis is solvable. Visit www.projectsafewater.com to learn more.
A Record Year
Driven by crisp execution and rooted Lean disciplines, Technical Products achieved
record full-year operating margins in 2011, proving that our “Customer First”
strategy can drive significant margin expansion through better customer satisfaction,
greater efficiencies and meaningful cost reductions.
10 Pentair Annual Report 2011
11 Pentair Annual Report 2011
Our vision
To be a diversified industrial growth company, a global enterprise and a responsible
citizen known for operational excellence, innovation, top talent and growing by serving
customers well while delivering superior long-term shareholder value.
Pentair
Leadership Team
2011 Sales BY s e g m e n t
2011 Sales BY r e g i o n
|
69%
Board Members
Leslie Abi-Karam
Executive Vice President and President
of Mailing Solutions Management of Pitney Bowes Inc.;
Director since 2008
Water & Fluid Solutions
28%
26%
15%
Technical Products
Flow
Treatment/Process
Aquatic
|
|
|
31%
|
Management
Randall J. Hogan
Chairman and Chief Executive Officer
61%
21%
18%
US
Developed Non-US
Fast Growth Regions*
|
|
|
Michael V. Schrock
President and Chief Operating Officer
Water & Fluid Solutions
Glynis A. Bryan
Chair of the Governance Committee; Chief Financial
Officer of Insight Enterprises, Inc.; Director since 2003
Technical Products
John L. Stauch
Executive Vice President and Chief Financial Officer
Pentair is a leading provider of innovative water and
fluid processing products and solutions used in a
Jerry W. Burris
President and Chief Executive Officer
of Associated Materials, LLC; Director since 2007
wide range of applications. Pentair’s comprehensive
product suite addresses all areas of fluid handling,
T. Michael Glenn
Executive Vice President of Market Development
with products ranging from energy-efficient pumps
and Corporate Communications of FedEx Corporation;
Director since 2007
and point-of-use filtration to highly engineered
Pentair is a leading provider of products that enclose
Frederick S. Koury
Senior Vice President, Human Resources
and protect some of the world’s most sensitive
electronics and electronic equipment, ensuring their
Angela D. Lageson
Senior Vice President, General Counsel and Secretary
safe, secure and reliable performance. Technical
Products provides a broad array of standard and
customized enclosures and thermal management
Mark C. Borin
Corporate Controller and Chief Accounting Officer
pumps and fluid processing systems.
solutions to customers all around the world.
Charles A. Haggerty
Chief Executive Officer of LeConte Associates, LLC;
Director since 1994
2011 Sales
2011 Sales
BY e n d -m a r k e t s e r v e d
David H. Y. Ho
W i tH i n Wat e r & F lu i d
Chairman, Kiina Investment Limited; Director since 2007
BY r e g i o n W i tH i n
Wat e r & F lu i d
Randall J. Hogan
Chairman and Chief Executive Officer;
Director since 1999
David A. Jones
Chair of the Compensation Committee; Chair of the
International Committee; Senior Advisor to Oak Hill
Capital Partners; Director since 2003
52%
18%
13%
11%
6%
|
|
|
|
|
Residential
Ronald L. Merriman
Chair of the Audit Committee; Retired Vice Chair of KPMG;
Industrial
Director since 2004
Commercial
Municipal
Agriculture
US
Developed Non-US
Fast Growth Regions*
William T. Monahan
Lead Director; Retired Chairman and CEO
of Imation Corporation; Director since 2001
59%
21%
20%
|
|
|
Michael G. Meyer
Vice President, Treasury and Tax
2011 Sales
Karl R. Frykman
BY e n d -m a r k e t s e r v e d
President, Aquatic Systems
W i tH i n t eC H n iC a l P r o d uC t s
2011 Sales
BY r egio n WitH in
teCH n iC a l Pro duC ts
Netha N. Johnson, Jr.
President, Process Technologies
Alok Maskara
President, Water Purification
Philip Pejovich
President, Technical Products
64%
24%
12%
|
|
|
US
Developed Non-US
Fast Growth Regions*
Gary S. Witt
Industrial
President, Flow Technologies
Communications
Energy
General Electronics
Commercial
Infrastructure
Other
|
|
|
|
|
|
|
37%
20%
11%
11%
7%
6%
8%
* Fast Growth Regions include China, India, Latin America, Southeast Asia, Eastern Europe, the Middle East and Africa
will take place on:
Investor Information
The world is changing. An expanding
Annual Meeting
The Annual Meeting of Pentair shareholders
population and a growing middle class
are driving demand for new and creative
solutions to the world’s challenges.
Investor Information
Shareholders seeking more information about
Registrar, Stock Transfer and Paying Agent
Wells Fargo Bank, N.A.
(625 Fourth Avenue South, Minneapolis, Minnesota).
Wednesday, April 25, 2012 at 10:00 a.m. Central
www.wellsfargo.com/com/investments/
in the auditorium of Thrivent Financial
St. Paul, Minnesota 55164-0854
shareowner-services
Tel. 877-536-3554
P.O. Box 64854
Independent Registered Public Accounting Firm
Deloitte & Touche LLP, Minneapolis, Minnesota
the Company can access news releases describing
significant Company events and earnings results
Commission filings at www.pentair.com.
Information may also be obtained by request
for each quarter and the fiscal year as well as
Form 10-K and other Securities and Exchange
anticipated financial results are forward-looking
from the Pentair Investor Relations Department,
5500 Wayzata Boulevard, Suite 800, Minneapolis,
By weaving an innovative spirit together
Caution Concerning Forward-Looking Statements
Any statements made about the Company’s
with a mindset of continuous improvement,
Pentair strives to always be at the forefront
of our industry, creating value across the
Stock Exchange Listing
globe and generating sustainable returns
New York Stock Exchange (symbol: PNR)
for our shareholders.
Dividends
Dividends are $0.22 per share and are paid quarterly
and related markets; the risk that expected benefits
as the Company’s ability to successfully and timely
potential future downturn; the strength of housing
statements subject to risks and uncertainties such
from restructuring and other cost reduction plans
integrate and realize the benefits of acquisitions;
from the global economic downturn, including
the current European Union debt crisis, or any
the magnitude, timing and scope of recovery
may not be fully realized, or may take longer to
Minnesota 55416.
in February, May, August and November. Pentair has
realize than expected; foreign currency effects;
paid 144 consecutive quarterly dividends.
material inflation outpacing our productivity and
pricing actions; retail, commercial and industrial
At Pentair, we have a clear vision of the
Dividend Reinvestment
Pentair offers a Dividend Reinvestment Plan which
opportunities ahead and the discipline to
deliver results.
enables shareholders of record the opportunity to
automatically reinvest Pentair dividends and to
invest up to an additional $3,000 per calendar
the Company’s ability to achieve its long-term
strategic operating goals, as well as other risk
pricing and other competitive pressures; and
foreign businesses; product introductions;
demand; increased risks associated with operating
quarter in Pentair common stock, with any costs
factors set forth in our SEC filings. Forward-looking
of purchasing the shares paid by the Company.
statements included herein are made as of the date
Plan and enrollment information are available from
hereof, and the Company undertakes no obligation
the Company or Wells Fargo Bank, N.A.
to update publicly such statements to reflect
subsequent events or circumstances. Actual results
could differ materially from anticipated results.
12 Pentair Annual Report 2011
3 Pentair Annual Report 2011
3 Pentair Annual Report 2011
The front portion of this report was printed
on paper made from 100% post-consumer
recycled fiber. Because we believe in being
part of the solution.
Seeing the
big picture.
5500 Wayzata Blvd, Suite 800
Minneapolis, MN 55416–1261
763.545.1730
www.pentair.com
Annual Report 2 011