There is a potentially large joint venture in the works between two of the Midwest’s largest water technology companies. Below is a quote from the joint press release from Pentair and GE:
Pentair, Inc. (NYSE: PNR) and GE Water & Process Technologies (NYSE: GE) announced today that they are engaged in discussions to establish a joint venture to combine their respective global water softener and residential water filtration businesses. Under the current framework in discussion, Pentair would own approximately 80 percent of the joint venture interests, and GE Water & Process Technologies would own approximately 20 percent. The combined businesses had 2007 net sales of approximately $450 million. It is not currently contemplated that significant cash contributions would be required from either party to form the joint venture.The parties to the discussion believe that this joint venture creates significant sales growth opportunities and other operating synergies, and would accelerate the global development of innovative technologies to serve the residential water filtration and treatment market.
As you know Pentair and GE are both major suppliers of water filters and water filtration technology for WaterFilters.NET. We are excited about the opportunities this joint venture will provide for the acceleration of bringing innovative water technologies to market. And when these new innovative technologies come to market, WaterFilters.NET will be here as always, making it easy to find the water filters you’re looking for.
Sources: pentair.com & jsonline.com
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