Pentair to Buy Up to $1 Billion in Stock and Plans Ireland Move
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Pentair Ltd., a provider of water and fluid filtration systems, plans to buy as much as $1 billion of its stock through 2016 and move its headquarters to Ireland from Switzerland.
The buyback will leave Pentair with another $2 billion in cash and the ability to finance investment elsewhere or expand the share repurchase program, Chief Executive Officer Randall Hogan said in a statement today. Pentair also reiterated its per-share profit goal of $5 in 2015. That compares with adjusted earnings of $4.83, the average of 13 analysts’ estimates compiled by Bloomberg.