NUON SELLSNORIT TO

INVESTMENTGROUPS

Gilde Investment Manage-ment has joined forces withEuroland Investments to pur-chase Norit NV, the world’slargest producer of activatedcarbon and related services,from Dutch energy companyNuon for �152 million.

Founded in 1918, Norit pro-duces more than 150 differenttypes of activated carbon prod-ucts, as well as activated carbonreactivation, carbon change outservices, and both granular andpowdered carbon systems andequipment. Operating in morethan 100 countries, Noritachieved annual sales of �249million and a net profit of closeto �14 million in 2002.

The intended divestment isin line with Nuon’s strategy toconcentrate on energy andrelated products and services inNorth West Europe.

Following the announce-ment, Norit management saidthe company intended to fur-ther strengthen its prominentposition in its current markets,a statement supported by theprofiles of its new owners.

Gilde is a leading Dutchprivate equity and venture capi-tal firm with �1.7 billion undermanagement. It has invested inmore than 150 companies sinceits inception in 1982, althoughit has traditionally focused onthe software and communica-tions industries. Gilde usually

stays involved in a company fora period of between three andseven years, with its objectivebeing to guide the company to apublic offering or a trade sale.Consequently, the companysays its key considerationswhen looking for an investmentopportunity are ensuring thatthe target has a powerful anddriven management team, inno-vative and/or market leadingtechnologies, and a sound strat-egy and business model.

Euroland Investments,meanwhile, is a Dutch invest-ment company in which repre-sentatives of the Norit man-agement team hold shares.

Spokespeople for the com-panies involved have statedthat employment at Norit willnot be affected by the intendeddeal.

It is anticipated the trans-action will be completedbefore the end of 2003.

ZENON FILESSUIT AGAINST

USFILTER Zenon Environmental Inchas filed a lawsuit allegingthat USFilter’s MemJet andCFM-S immersed membraneproducts infringe its intellec-tual property. USFilter hasrejected the claims and plansa ‘vigorous defence’ againstthe patent suit.

Zenon is seeking damagesand an injunction to stop thesale, manufacture and use of

Continued on page 16

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DECEMBER 2003ISSN 1365-6937www.filtsep.com

Pentair Inc has entered intoan agreement to acquirewater filtration productsmanufacturer Everpure Incfrom USFilter for US$215million cash.

Everpure, of Northbrook,Illinois, is a leading globalprovider of water filtrationproducts and services for thecommercial and consumersectors. Its products include awide range of filtration sys-tems and cartridges for vari-ous applications. The compa-ny expects net sales in 2003 toexceed US$60.0 million.

“Everpure makes Pentair aglobal leader in the commer-cial filtration segment, whichincludes the fast-growingfoodservice and vending mar-ket,” said Pentair chairmanand CEO, Randall Hogan.

“With a portfolio ofalmost 70 filtration technolo-gy patents, Everpure is posi-tioned as the innovator incommercial filtration and hasmany exclusive relationshipswith the world’s leading food-service operators. Combinedwith our existing PlymouthProducts business, Everpurerepresents a broad platformfor growth in filtration tech-nologies and services, and avalue-adding addition to ourportfolio of water businesses.”

Richard Cathcart, presi-dent and COO of Pentair’sWater Technologies Group,said that Everpure is the brandof choice in foodservice mar-kets. “With the largest installedbase of filtration equipment,more than 70% of Everpure’srevenues come from sales ofreplacement cartridges.

“Everpure’s strong brandname, industry leading processtechnology, rapid productdevelopment capabilities, andbroad footprint in North Ameri-ca, Europe and Asia, will lever-age the strengths of the WaterTechnologies Group and accel-erate the long-term growth andprofitability of our business.”

Pentair will fund theacquisition, which it plans tocomplete at the year end, fromits cash flow.

PENTAIR ADDS EVERPURE TO ITS

FILTERS PORTFOLIO

COMMENTThis will be Pentair’s 11thpurchase in the Water Tech-nologies arena since 1995.Profits at Plymouth Products,acquired from USFilter lastyear (FIA, October 2002)rose 17% in the first year ofownership under Pentair,while revenues in the WaterTechnologies Group areexpected to exceed US$1 bil-lion in 2003. ■

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CONTENTS COMPANY PROFILE 5–6 COMPANY WATCH 7–9 DIARY 15 ECONOMIC REVIEW14 IN BRIEF 12,13 MARKET PROSPECTS 2–4 NEWS 1,12,13,14,16 ORDERS 11 PEOPLE 11PERSPECTIVE – STEALING FROM MANY 10 STOCK WATCH 15