Exit Options for John Hancock Bond and Corporate Finance Group: Hanover Communications In... - 28 Strategic Investors

View x

Pump and valve maker Pentair buys Erico Global, the fastening products maker for $1.8 billion to help it broaden its product offerings

Pentair Plc, the pump and valve maker has agreed to buy fastening products maker Erico Global Co for $1.8 billion in cash. This comes weeks after activist investor Nelson Peltz asked the company to bulk up through deals. Investing in Erico will let Pentair broaden its offerings. Erico sells fixing and fastening products under brands like Caddy and Lenton, while Ohio-based Erico, originally formed to supply welding equipment to railway and mining companies, makes and sells electrical and fastening products for electrical, mechanical and civil applications. The deal puts Pentair's debt at more than three times its equity, and that the company hopes to bring it below three by the end of 2016.

Tags:

US,ERICO,M,A,PENT,PLC,United States,Europe,Deals,Corporate Events,Industrial Goods (TRBC),Western Europe,Pentair Plc,Erico Global Co,Nelson Peltz,Caddy,Lenton