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.

Randy Hogan

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.

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