By buying Wicor, Pentair will also get about 2.2 million sf of manufacturing floor space worldwide, including two manufacturing locations in Minnesota. Following the sale, Pentair plans to relocate the headquarters of its Water and Wastewater Systems division to Delavan, WS. Wicor Industries manufactures equipment under the Sta-Rite, Hypro and SHURflo brands and had revenues of about $750 million in 2003.
In addition, the company will begin purchasing shares on the open market for its dividend reinvestment plan, rather than issuing new stock to the plan. The sale of Wicor Industries is expected to close in the second or third quarter of 2004 following customary regulatory reviews.
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