CHARDON, OHIO — Pentair Inc. is acquiring Chardon-based Essef Corp., joining two makers of pumps, valves, filters and other water treatment products, the companies announced April 30.
Essef's plastics operations include fiber-reinforced plastic pressure vessels in Chardon and at several other plants around the world; Rainbow Molding Inc. of El Monte, Calif., an injection molding operation; and injection molding plants at Essef's Pac-Fab business in Sanford, N.C., and Moorepark, Calif. The injection molding operations make swimming pool equipment and accessories.
Mark Cain, Pentair spokesman, said Pentair does a small amount of injection molding at its pump plant in Ashland, Ohio. He said Essef's pressure vessel capabilities were attractive.
Both Essef and Pentair, a diversified manufacturer based in St. Paul, Minn., are publicly traded. Under the deal, Pentair will pay each Essef shareholder $19.09 a share, for a total of about $312 million in cash. Pentair also will assume about $100 million of Essef's debt.
Essef agreed to distribute to its shareholders stock in its subsidiary called Anthony & Sylvan Pools Corp., splitting off Sylvan as a stand-alone public company. Closing is expected July 31.
``The acquisition will drive sales in Pentair's Water and Fluid Technologies Group to an estimated $1 billion in 2000,'' Winslow Buxton, Pentair president and chief executive officer, said in a news release.