Thursday, 13 December 2012

Business - Pentair to boost investment in Sharjah, eyes $1b revenue

Diversified global industrial conglomerate Pentair, which recently completed the $400 million takeover of Sharjah-based KEF Holdings’ manufacturing facility, is set for further investment in the emirate to boost its turnover from $400 million to $1 billion in five years.
Randall Hogan, chairman and chief executive officer of Pentair, said the world leader in water and fluid solutions would invest $50 million over the next three years in setting up production facilities for engineered valves and pumps to complement its existing hi-tech plant for manufacturing industrial valves in Sharjah.
In March this year, Pentair started the process of combining its operations with Tyco International’s  flow control business in a deal worth about $4.53 billion to create Pentair Ltd —  a global leader in water and fluid solutions, valves and controls, equipment protection and thermal management products. Consequently, KEF Holdings, in which Tyco took 75 per cent stake in 2011 for $300 million, came under its fold. In October this year, Pentair acquired the remaining 25 per cent for $100 million to complete the takeover.

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