Pentair plc (NYSE: PNR), a leading provider of water treatment and sustainable solutions, today announced that it has entered into a definitive agreement to acquire Pleatco, a manufacturer of water filtration and clean air technologies for pool, spa and industrial air customers. Pleatco is a current portfolio company of Align Capital Partners, a private equity firm with investment teams in Dallas, TX and Cleveland, OH.
The planned acquisition of Pleatco provides Pentair an expanded range of replacement filter products to be sold through Pentair’s existing Pool and Spa distribution channels as well as through Pleatco’s distribution channels.
“We are excited to expand our presence in the aftermarket filtration space with an enhanced product offering that advances our objective to offer an effortless pool experience for consumers,” said John Stauch, Pentair President and CEO.
The planned acquisition also expands Pentair’s Industrial Filtration portfolio, with complementary air filtration products to serve the needs of its industrial customers.
“We look forward to welcoming the Pleatco employees to Pentair and to growing the relationship with Pleatco’s existing customer base,” continued Stauch. “The planned combination will provide Pleatco entry to Pentair’s global distribution and sales channels, and deliver increased production capacity and utilization, as well as build on Pleatco’s track record of product innovation.”
Total consideration for the transaction is approximately $255 million in cash, subject to customary adjustments. Pentair expects Pleatco to generate approximately $95 million of annual revenue in 2021. The transaction is expected to be accretive in its first full year.
The acquisition is anticipated to be completed in the fourth quarter, subject to customary closing conditions and necessary regulatory approvals, including expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
ABOUT PENTAIR PLC
Pentair makes the most of life’s essential resources. From our residential and business solutions that help people move, improve and enjoy their water, to our sustainable innovations and applications, we deliver smart, sustainable solutions for life.
Pentair had revenue in 2020 of $3 billion, and trades under the ticker symbol PNR. With approximately 9,750 global employees serving customers in more than 150 countries, we work to help improve lives and the environment around the world. To learn more, visit pentair.com.
ABOUT PLEATCO FILTRATION
Pleatco is a leading designer and manufacturer of aftermarket pleated filter cartridges, pleated bags, and other filtration products for the industrial air and pool / spa markets across USA and Europe. Pleatco Filtration brings together the combined forces of former brands APEL, Milton, and TVS and incorporates stand-alone brands Guardian Filtration, EFI and ECO Filtration under the one umbrella, leveraging collective engineering, manufacturing, and logistics resources to deliver best-in-class products backed by industry leading sales, marketing, and customer service teams. For more information, visit pleatco.com.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This release contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements made about the anticipated acquisition, including the anticipated time for completing the transaction, the expected financial results of the acquired business and the anticipated benefits of the acquisition, are forward-looking statements subject to risks and uncertainties, such as the company’s ability to satisfy closing conditions, integrate the acquisition successfully, and retain customers and employees of the acquired business; the impact, duration and severity of the COVID-19 pandemic, virus variants and vaccination rates, including actions that may be taken by us, other businesses and governments to address or otherwise mitigate the impact of the COVID-19 pandemic and the negative impacts of the COVID-19 pandemic on the global economy; overall global economic and business conditions; supply, demand, logistics, competition and pricing pressures related to and in markets we serve; failure of markets to accept new product introductions and enhancements; the impact of raw material costs, labor costs and other inflation; the impact of seasonality of sales and weather conditions; our ability to comply with laws and regulations and the impact of changes in laws, regulations and administrative policy, as well as other risk factors contained in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020. All forward-looking statements speak only as of the date of this release. Pentair plc assumes no obligation, and disclaims any obligation, to update the information contained in this release.
Senior Vice President, Treasurer, FP&A and Investor Relations
Email: [email protected]
Senior Manager, External Communications
Email: [email protected]
The Indoor Ocean Where The US Navy Tests Its Ships
Take an insiders tour of the Indoor Ocean where the US Navy tests its ships.
One of the world’s largest wave pools sits at the United States Naval Surface Warfare Center. They use the facility to create waves of specific sizes, frequencies, and amplitudes. Since 1962, the US Navy has tested all of its ships, platforms, and moored systems in realistic sea conditions at the Indoor Ocean in NSWC Carderock.
Approximately 240′ x 360′, the enormous basin is 20 feet deep and holds 12 million gallons of water. In addition, it also once held the record for having the world’s largest dome.
Indoor Ocean Used To Predict Ship Performance
The Navy uses the facility to predict how their full-scale ships will perform in the open ocean by testing their stability and control in a vessel that simulates real-world wave conditions. The maneuvering and seakeeping basin, also nicknamed (MASK) is where the US Navy tests its fleet. Built in 1962, and renovated in 2013.
The Indoor Ocean received an upgrade from 21 slow and inefficient pneumatic domes to 216 paddles. Consequently, today, operators have better and more independent control. With 99 percent precision, the results produced at the renovated facility provide far more realistic conditions than its predecessor.
Engineers at the facility evaluate operability, ship motions, and efficiency. MASK researchers can then use this information to fine-tune a new vessel’s design to maximize its chances of achieving the desired level of performance. Testing also aids in establishing operational guidelines for the crew and ensuring the correct configuration of the ship.
“There are many different kinds of waves,” Calvin Krishen, NSWC engineer, said in a YouTube video uploaded by the Department of Defense. “Waves are different in different parts of the world and they are different depending if you are close to shore, or away from shore or whether you’re in a storm or not. We actually have the capability of programming all those different types of waves to test.”
Conducting Testing & Analysis To Create Better Ships
Engineers perform rigorous tests and manufacture vessels to a smaller scale in order to see how they will perform out on the open ocean. Based on the analysis conducted at NSWC Carderock, ship designers can make necessary adjustments to improve performance in real-world conditions.
How This Enormous Wave Pool Works
The machine that operates the wave pool consists of a paddle system that lines two walls of the pool. The system consists of 216 individual wavemakers capable of producing waves of varying sizes from -45 degrees to 135 degrees.
The paddle system is programmed for choreographed movement. It creates reproducible, perfect-sized, perfect-frequency waves. Force transducers create air bellows that go across the pool at specific angular motions. The motion is akin to fingers moving across the keys of a piano.
There are wave pools located all over the world but what makes the Indoor Ocean unique is its ability to create reproducible waves of specific amplitude and frequency. Wave conditions vary in different parts of the world. MASK, however, is capable of mimicking the same conditions that exist during various times of the year in any location across the globe.
Why The Need To Upgrade?
The old pneumatic-powered wave system used antiquated technology. The Navy requires a facility capable of performing the rigorous testing demanded by engineers In the past, the testing team sometimes had to relocate their models to the actual ocean and study the weather in order to recreate the perfect wave conditions.
Today, designers create models as large as 30 feet in length. Operators submerge them in MASK’s turbulent waters to simulate their future working conditions.
Precise computer controls may be the most useful part of the new high-tech system. Testers can design a certain marine environment and tell the computer how to achieve it. Operators program a 3D model of the exact waveform they want to simulate.
“We can nail, at scale, the conditions all over the world,” said Jon Etxegoien, Head of Naval Architecture & Engineering, “So it’s not just that we can do some kind of rogue sea states, we can actually do the kind of seas they can expect in the North Atlantic, the South Pacific, littoral areas, that sort of thing. So that’s what gives us a real leg up. It’s not just some generic sea condition, but the specifics of where they’re going to be operating.”
Take a Tour Inside Where The US Navy Tests Its Ships
Does it shock and awe us that the United States military owns the best wave pool in the world? Not really. However, it does fill us with enormous pride to know that dedicated professionals perform the highest level of testing and analysis for the vessels that comprise our naval fleet.
Featured Photo Credit: Department of Defense
China Claims Title For World’s Highest Outdoor Swimming Pool
New business tower in China has a pool with breathtaking views from the 71st floor.
The title of the World’s Highest Outdoor Swimming Pool now goes to China. Construction of a new 1,322-foot-tall tower by Chicago-based architects Goettsch Partners is now complete in Nanning, China. The tower’s crowning feature is an outdoor swimming pool that, according to the architects, is the highest in the world.
Title for Highest Outdoor Pool Goes To China
The hotel’s pool on the 71st-floor terrace is 1,060 feet above the ground, making it the highest in the world. Previously, the 57th-floor infinity pool at Moshe Safdie’s Marina Bay Sands held the title.
The Guangxi China Resources Tower, at over 2.93 million square feet, is the 18th tallest building in China and the 37th tallest building in the world. It is a mixed-use design that includes a hotel, office spaces, and retail.
More than 60% of the 86-story structure’s lettable space, or 272,000 square meters, will be occupied by offices. Approximately 6,000 square meters of retail space and a Shangri-La Nanning hotel with 336 rooms are also planned.
“The building is a symbol of rising prosperity for the city,” notes James Zheng, AIA, LEED AP, CEO and president of GP. “It further sets a world-class standard for quality that is meant to endure.”
The tower, developed by Shenzhen-based China Resources Land, will serve as the focal point of a brand-new 90-hectare urban quarter in Nanning. The podium and basement of the building are linked to the structures around it.
Beginning in 2014, the building process will be completed by the end of 2020 (November). The company claims that the building is completely occupied and functional now that the interior fit-out is complete.
One of a Kind Panoramic Views
The hotel emerges atop the office volume, drastically altering the building’s profile. The lower volume is capped by a monumental terrace at Level 71, which serves as a one-of-a-kind outdoor sky space where guests can swim in the hotel’s pool. From sunrise to sunset, the sweeping 180-degree panorama offers unparalleled views of the surrounding lakes, parks, and mountains.
The tower is an essential part of a larger mixed-use development, and its design to LEED Gold standards places an emphasis on sustainable sites and energy optimization. The podium and basement levels of the various buildings work together to form a seamless network that is optimized for the greater master-planned development. Sunshades on the building’s exterior, combined with a high-performance façade enclosure system, allow for abundant natural light and breathtaking vistas to penetrate every level while significantly cutting down on energy consumption.
Mechanical systems have been developed to maximize the efficiency of operation, reduce energy and water use while increasing comfort levels inside the building. The highest quality materials are used throughout the structure to emphasize longevity and durability and lessen the building’s future impact on the local environment.
“The tower is a sustainable response to its urban context,” sayid Travis Soberg, AIA, LEED AP, in a press release. “The building integrates conservation methods throughout the design that reinforce our commitment to environmental responsibility.”
Photo Credits: Goettsch Partners
Las Vegas Losing Classic Fire & Water Feature – Mirage Volcano Set to Close
Hard Rock confirms iconic Las Vegas fire feature, Mirage Volcano will close.
Since MGM Resorts International sold the property to Hard Rock International last year, the resort has been undergoing a rebranding process, and the resort’s iconic volcano will not play a role in the new resort plan.
The time of the final eruption for the Mirage Volcano is unknown, and neither Hard Rock nor MGM officials would confirm exactly when the volcano would be dismantled. They plan to build another one of Hard Rocks guitar-shaped hotels in the space.
About The Mirage Volcano
When the resort opened on November 22, 1989, the volcano quickly became a fan favorite. A modeled three-acre paradise resembling the South Seas is routinely jolted awake by the ominous rumbles of the Mirage Volcano throughout the night. Rapid movement of water along with creative lighting resembles lava.
Exciting flames shoot over 60 feet into the air. If you’ve ever watched the show from the street, you can literally feel the searing heat. With music composed by Grateful Dead drummer Mickey Hart and tabla virtuoso Zakir Hussain, more than 150 Fireshooters, developed by WET Design (who also created the Fountains of Bellagio), propel fireballs in a dramatic choreographed display.
The volcano was one of the first free attractions paving the way for others like the pirate battle at Treasure Island, the light shows and concerts at the Fremont Street Experience, and the Bellagio fountains.
From 8 p.m. until 11 p.m., the volcano at the Mirage continues its hourly eruptions. We took the opportunity to see this fiery spectacle, perhaps for the last time, while exhibiting at the PSP Deck Expo recently. The street was packed with onlookers watching the show on the street.
Elaine Wynn, who was married to casino magnate Steve Wynn at the time, first came up with the idea for the volcano as a great way to differentiate the Mirage from the competition.
In recent years, however, Las Vegas has been shifting away from a transparently thematic approach with its newest resorts, including the Cosmopolitan (2010), Circa (2020), and Resorts World (2021), and its reliance on free attractions and loss leaders, such as buffets and poker rooms, to bring in the bustling crowds.
Las Vegas Residents Eager To Keep Attraction
There has been a running sentiment amongst casino insiders that free attractions such as the Mirage Volcano have turned into a drain on profits. In light of the news that the Volcano is slated to be removed, many Las Vegas residents have expressed they do not want to see the attraction go.
“When I heard the news, I remember just wondering why this was going to happen,” Alden Gillespy, a longtime resident of Las Vegas and critic of removing the volcano, told the Las Vegas Sun. “The fact that they were going to tear down the volcano, that hit me personally.”
Every time it goes off, the Volcano in Las Vegas draws in hundreds of people, both young and old, to the Strip. The idea of tearing it down has been met with pushback. A group of passionate residents in Las Vegas has banded together to compel Hard Rock International and the city government to stop the new owner from demolishing what they say is a historic landmark. A petition to protect the volcano has over 9,000 signatures of support.
Among those who think the volcano should be preserved is UNLV history professor Michael Green.
“We lost a lot of hotels on the Strip because of the understandable need to build better, more modern hotels,” Green told the Sun. “The volcano is a reminder of how it helped trigger the modern Las Vegas boom.”
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