Pentair Inc. has announced that it has entered into a definitive agreement to acquire the Clean Process Technologies (CPT) division, a global leader in innovative membrane technology and ultrafiltration, from privately held Norit Holding B.V. for approximately $705 million, plus net debt at closing.

CPT is a global leader in membrane solutions and clean process technologies in the high-growth water and beverage filtration and separation segments. Supported by more than a century of innovation and expertise, and backed by its own proprietary technology, CPT provides sustainable purification systems and solutions for desalination, water reuse, industrial applications and beverage segments that effectively address the increasing challenges of clean water scarcity, rising energy costs and pollution. CPT's product offerings include innovative ultrafiltration and nanofiltration membrane technologies, aseptic valves, CO2 recovery and control systems and specialty pumping equipment.

Based in the Netherlands, CPT has approximately 1,200 employees, and operates five production and research and development facilities. With more than 170 distributors across 100 countries, CPT has broad sales diversity with approximately 45 percent of revenues generated in Western Europe, 20 percent in Asia-Pacific and nearly 10 percent in each of Latin America and the Middle East, with the balance in rest-of-Europe and North America. Pentair estimates CPT full year 2011 sales to be greater than $350 million.

"Technology plays a major role in addressing the increasing challenges of clean water supply and rising energy costs. With leading membrane technologies, CPT provides components, systems and services that will broaden and deepen our capabilities in desalination, water reuse and high-efficiency industrial applications – and enable us to provide more integrated solutions to our customers," says Randall Hogan, Pentair chairman and chief executive officer.

The transaction is expected to close in the second quarter of 2011, subject to satisfaction of customary conditions and applicable regulatory approval.