Today's webcast is accompanied by a presentation, which can be found in the Investors section of Pentair's website. We will reference these slides throughout our prepared remarks. All references today will be on an adjusted basis unless otherwise indicated, for which non-GAAP financials are reconciled in the appendix of the presentation.
I’d like to also point out that the Q2 and full-year outlook does not include any future impact related to the pending Tyco Flow deal that we announced on March 28, as stated in this morning’s release. And we’ll be sure to reserve time for questions and answers after our prepared remarks. With that, Randy.
Thanks, Sara, and good morning, everyone. Before we get in to the Q1 Pentair performance, I’d like to touch on the announced merger with the Tyco Flow Control, beginning with a quick refresher on Slide 3.We’re very excited about the proposed Tyco Flow Control merger announced at the end of March. We believe this transaction is a great strategic fit, increasing our global presence and exposure to high-growth attractive sectors. We’re confident in achieving our previously-announced financial targets, making the transaction very compelling, with $200 million of expected operational cost synergies and enhanced growth prospects and a stronger balance sheet. By any measure, the new Pentair will be a stronger company with exciting platforms for future growth and substantial value creation opportunities for all stakeholders.Let me provide an update on the transaction timeline, what we’ve been up to in the last 26 days, and what’s still to come. From a regulatory perspective, we completed the HSR filing last week, and now we’re in a waiting period with several other regulatory filings under way in foreign jurisdictions. We’ve established a integration management office and announced Todd Gleason, a proven Pentair executive, who many of you know, to drive a global integration planning, reporting directly to me. He will lead a team of approximately 25 to 40, functional and business unit team leaders, including those from Tyco Flow Control, once the transaction closes. These initial integration planning efforts will be critical as we ramp up towards the expected close at the end of September.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV