Pentair plc has announced that it has reached an agreement to sell its Valves & Controls business to Emerson. The cash purchase price is $3.15 billion, subject to customary working capital adjustments. The transaction is anticipated to be completed late in 2016 or early in 2017 and is subject to customary closing conditions and necessary regulatory approvals.

Randall J. Hogan, Pentair Chairman and CEO stated, "We expect this transaction to provide Pentair the ability to advance our strategy, drive growth, and focus resources on three segments, all of which we believe have attractive growth characteristics."

Pentair acquired the Valves & Controls business in 2012 through an all-stock merger with the Flow Control business of Tyco International Ltd. Valves & Controls' 2015 revenue was $1.8 billion. "Through the hard work of dedicated employees, we significantly improved Valves & Controls' operating profit, creating shareholder value," said Hogan. "Additionally, the Flow Control acquisition provided the scale and capital structure to further enable our strategy for growth."

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