Pentair Plc has announced it will pay US$1.8 billion (1.6 billion euros) in cash for ERICO Global Co, which manufactures electrical components and fastening products.
ERICO will become part of Pentair’s technical solutions division, which generates around a quarter of the Group’s revenue and about one third of its operating income. The majority of Pentair sales come from valves, water systems and flow control products, emanating from its merger with Tyco Flow Control International Ltd in 2012.
“The addition of ERICO’s complementary business will expand our presence in the commercial and industrial sectors,” commented Randall J. Hogan, chairman and CEO of Pentair. “We have similar cultures and serve similar industries with complementary products, which will create a broader and stronger offering for our end users.”
ERICO’s most recognised brands include its line of CADDY® fixing, fastening and support products; ERICO electrical grounding, bonding and connectivity products; and its LENTON® engineered systems.
ERICO employs 1,200 people across 30 countries and generates annual sales of around US$570 million.
Will joined Fastener + Fixing Magazine in 2007 and over the last 15 years has experienced every facet of the fastener sector - interviewing key figures within the industry and visiting leading companies and exhibitions around the globe.
Will manages the content strategy across all platforms and is the guardian for the high editorial standards that the Magazine is renowned.
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