Exhibit 99.1

Pentair, Inc.
5500 Wayzata Blvd., Suite 800
MInneapolis, MN 55416
763 545 1730 Tel
763 656 5400 Fax

News Release

Pentair Reports Full Year Sales Growth of 13 Percent and Net
Income Per Diluted Share from Continuing Operations of $2.00

All financial information and period-to-period references are on a continuing operations basis unless otherwise noted. Reconciliations of GAAP to Non-GAAP are in the attached financial tables.

MINNEAPOLIS — February, 1, 2011 — Pentair, Inc. (NYSE: PNR) reported organic revenue growth of 13 percent for full year 2010, as revenues reached $3.0 billion compared to $2.7 billion in 2009. The company delivered EPS of $2.00 for the full year 2010, representing an increase of 71 percent as compared to $1.17 per share in the prior year. Adjusting 2009 EPS to exclude restructuring and impairment items and the impact from the early redemption of bonds, full year 2010 EPS increased 36 percent.

During 2010, Pentair generated $211 million in free cash flow, which represents a greater than 100 percent conversion of net income. Excluding the $25 million accelerated pension contribution at the end of the year, free cash flow was $236 million for the full year 2010, representing an approximate 120 percent conversion of net income.

“2010 was a year of tremendous progress. Organic sales grew 13 percent for the full year, reflecting broad-based growth across businesses and geographies,” said Randall J. Hogan, Chairman and Chief Executive Officer. “Fast growth regions grew at an even faster pace, led by China sales up 26 percent and Latin America up 18 percent for the full year 2010, as we strengthened our presence through more localized capabilities. Expanded distribution and stepped up new product development helped fuel top-line growth, along with solid recovery in many end-markets. For the full year 2010, volume growth along with productivity offset material inflation and the impact of reinstated employee benefits, driving more than 140 basis points of margin expansion.”

Total company fourth quarter sales increased 7 percent to $754 million, compared with $702 million in the fourth quarter of 2009, despite four fewer selling days. The company delivered fourth quarter operating income of $80 million, up 52 percent year-over-year or up 3 percent compared to

adjusted operating income in the same period last year. Overall, operating margins of 10.6 percent for the fourth quarter 2010 decreased 40 basis points when compared to adjusted operating margins of a year ago, due mainly to higher material inflation and lower cost absorption from fewer selling days. The company delivered net income from continuing operations of $49 million, or $0.49 per share. This compares to EPS of $0.29 in the fourth quarter last year. Adjusting fourth quarter 2009 EPS to exclude restructuring and impairment items, year-over-year adjusted EPS increased 4 percent.

“We exit 2010 with confidence, as top-line strength continued in the fourth quarter with average daily sales accelerating from the third quarter,” continued Hogan. “Fourth quarter operating margins came in as expected, negatively impacted by material inflation with only a modest benefit from pricing. Pricing actions were announced in the fourth quarter with realization beginning during the first quarter, helping to mitigate expected 2011 commodity inflation. We expect operating margins in both segments as well as Pentair to expand at least 100 basis points year over year for the first quarter and full year of 2011.”

Fourth Quarter Business Highlights

Water sales grew 5 percent year-over-year to $501 million, including an unfavorable one-percentage point impact from foreign exchange. Within Water, U.S. sales grew 7 percent led by growth in municipal pumps and agricultural products. In fast growth regions, Water grew 16 percent led by 42 percent growth in China and double-digit increases in India and Southeast Asia. Within the five Water global business units, the fourth quarter sales were as follows:

	•		Residential Flow sales were up 1 percent versus the year-ago quarter, as robust growth in the agricultural business and a stable U.S. residential pump business helped mitigate the impact of declines in specialty pumps.
	•		Residential Filtration sales were up 1 percent as expanded distribution and new products in fast growth regions were partially offset by softness in Europe.
	•		Pool sales were up 4 percent driven by continued dealer expansion and demand for energy-efficient Eco-Select products.
	•		Engineered Flow sales were up 20 percent reflecting municipal pump sales from the final shipment for the Gulf Intracoastal Waterway project in New Orleans.
	•		Filtration Solutions sales were up 9 percent led by growth in desalination and energy markets, along with increased system sales.

Water’s fourth quarter reported operating income totaled $55 million, up 62 percent as compared to $34 million in the same period last year. When compared to fourth quarter 2009 adjusted operating income of $55 million, operating income remained flat in 2010. The benefits from volume growth and productivity continued to offset reinstated employee benefits and growth investments, while higher material inflation unfavorably impacted margins.

Technical Products delivered fourth quarter 2010 sales of $253 million, an increase of 11 percent versus the year-earlier period. Sales grew 13 percent, excluding the impact of foreign exchange, driven by solid demand across most key end-markets and one percentage point of pricing.

	•		Industrial, general electronics and energy markets all posted strong double digit sales growth.
	•		Sales in the U.S. increased 11 percent year-over-year. Fast growth regions were up 32 percent, led by robust growth of greater than 50 percent in China and India.

Technical Products’ fourth quarter reported operating income totaled $38 million, up 18 percent compared to $32 million in the same quarter last year. When compared to fourth quarter 2009 adjusted operating income of $35 million, fourth quarter 2010 operating income increased 9 percent. Volume growth, productivity, and higher pricing offset the negative impact from material inflation and reinstated employee benefits.

Outlook

The company anticipates full year 2011 sales growing in the mid-single digit range to approximately $3.2 billion. This reflects expected recurring organic revenue growth in the high-single digits, partially offset by the negative year-over-year impact of the Gulf Intracoastal Waterway project, which contributed $56 million in full year 2010. Pentair continues to expect full year 2011 EPS to be between $2.20 and $2.35, which represents an increase of approximately 10 to 18 percent from 2010 EPS of $2.00. The company expects to generate free cash flow in excess of $240 million for 2011.

“The tremendous progress we made in 2010 positions us for another strong year. We expect to leverage our increased presence in fast growth regions, expanded innovation capabilities and continued application of lean disciplines to deliver continued, strong top-line growth and margin expansion,” said Hogan. “We anticipate operating margins to expand over 100 basis points in 2011, reflecting volume leverage, price increases and productivity more than offsetting expected material inflation. Our growth investments are yielding positive results and position us well for sustainable, profitable growth in 2011 and beyond.”

First quarter 2011 EPS is expected to be $0.42 to $0.45, which represents an increase of approximately 20 to 29 percent when compared to first quarter 2010 EPS of $0.35. The company expects first quarter 2011 revenue to be up high-single digits compared to the same period last year.

Earnings Conference Call

Pentair Chairman and CEO Randall J. Hogan and Chief Financial Officer John L. Stauch will discuss the company’s fourth quarter and full year 2010 performance and first quarter 2011 outlook on a two-way conference call with investors and a live audio webcast at 9 a.m. Eastern today. Reconciliation of non-GAAP financial measures are set forth in the attachments to this earnings release and the fourth quarter and full year 2010 earnings conference call presentation, both of which can be found at Pentair’s web site (www.pentair.com). Related financial charts and certain other information to be discussed on the conference call will be available on the company’s website shortly before the conference call. The webcast and presentation will be archived at the same site following the conclusion of the conference call.

Caution concerning forward-looking statements

Any statements made about the company’s anticipated financial results are forward-looking statements subject to risks and uncertainties such as the magnitude, timing and scope of recovery from the global economic downturn; the strength of housing and related markets; the risk that expected benefits from our recent restructuring and other cost reduction plans may not be fully realized, or may take longer to realize than expected; foreign currency effects; material inflation outpacing our productivity and pricing actions; retail, commercial and industrial demand; product introductions; pricing and other competitive pressures; and the company’s ability to achieve its long-term strategic operating goals, as well as other risk factors set forth in our SEC filings. Forward-looking statements included herein are made as of the date hereof, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.

About Pentair, Inc.

Pentair (www.pentair.com) is a global diversified industrial company headquartered in Minneapolis, Minnesota. Its Water Group is a global leader in providing innovative products and systems used worldwide in the movement, treatment, storage and enjoyment of water. Pentair’s Technical Products Group is a leader in the global enclosures and thermal management markets, designing and manufacturing thermal management products and standard, modified, and custom enclosures that protect sensitive electronics and the people that use them. With 2010 revenues of $3.0 billion, Pentair employs over 14,000 people worldwide.

Pentair Contacts:
Sara Zawoyski
Vice President, Investor Relations
Tel.: (763) 656-5575
E-mail: sara.zawoyski@pentair.com

Pentair, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)

		Three months ended								Year ended
		December 31				December 31				December 31				December 31
In thousands, except per-share data		2010				2009				2010				2009
Net sales		$	753,858			$	702,251			$	3,030,773			$	2,692,468
Cost of goods sold			521,630				489,794				2,100,133				1,907,333
Gross profit			232,228				212,457				930,640				785,135
% of net sales			30.8	%			30.3	%			30.7	%			29.2	%
Selling, general and administrative			136,542				145,346				529,329				507,303
% of net sales			18.1	%			20.7	%			17.5	%			18.8	%
Research and development			16,081				14,619				67,156				57,884
% of net sales			2.1	%			2.1	%			2.2	%			2.2	%
Operating income			79,605				52,492				334,155				219,948
% of net sales			10.6	%			7.5	%			11.0	%			8.2	%
Other (income) expense:
Equity (income) losses of unconsolidated subsidiaries			(302	)			688				(2,108	)			1,379
Loss on early extinguishment of debt			—				—				—				4,804
Net interest expense			9,067				9,790				36,116				41,118
% of net sales			1.2	%			1.4	%			1.2	%			1.5	%
Income from continuing operations before income taxes and noncontrolling interest			70,840				42,014				300,147				172,647
Provision for income taxes			21,263				14,620				97,200				56,428
effective tax rate			30.0	%			34.8	%			32.4	%			32.7	%
Income from continuing operations			49,577				27,394				202,947				116,219
Gain (loss) on disposal of discontinued operations, net of tax			(2,292	)			134				(626	)			(19	)
Net income before noncontrolling interest			47,285				27,528				202,321				116,200
Noncontrolling interest			909				(1,824	)			4,493				707
Net income attributable to Pentair, Inc.		$	46,376			$	29,352			$	197,828			$	115,493
Net income from continuing operations attributable to Pentair, Inc.		$	48,668			$	29,218			$	198,454			$	115,512
Earnings per common share attributable to Pentair, Inc.
Basic
Continuing operations		$	0.50			$	0.30			$	2.02			$	1.19
Discontinued operations			(0.02	)			—				(0.01	)			—
Basic earnings per common share		$	0.48			$	0.30			$	2.01			$	1.19
Diluted
Continuing operations		$	0.49			$	0.29			$	2.00			$	1.17
Discontinued operations			(0.02	)			—				(0.01	)			—
Diluted earnings per common share		$	0.47			$	0.29			$	1.99			$	1.17
Weighted average common shares outstanding
Basic			98,219				97,667				98,037				97,415
Diluted			99,606				99,226				99,294				98,522
Cash dividends declared per common share		$	0.19			$	0.18			$	0.76			$	0.72

Pentair, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)

		December 31				December 31
In thousands		2010				2009
Assets
Current assets
Cash and cash equivalents		$	46,056			$	33,396
Accounts and notes receivable, net			516,905				455,090
Inventories			405,356				360,627
Deferred tax assets			55,086				49,609
Prepaid expenses and other current assets			45,894				47,576
Total current assets			1,069,297				946,298
Property, plant and equipment, net			329,435				333,688
Other assets
Goodwill			2,066,044				2,088,797
Intangibles, net			453,570				486,407
Other			55,187				56,144
Total other assets			2,574,801				2,631,348
Total assets		$	3,973,533			$	3,911,334
Liabilities and Shareholders’ Equity
Current liabilities
Short-term borrowings		$	4,933			$	2,205
Current maturities of long-term debt			18				81
Accounts payable			262,357				207,661
Employee compensation and benefits			107,995				74,254
Current pension and post-retirement benefits			8,733				8,948
Accrued product claims and warranties			42,295				34,288
Income taxes			5,964				5,659
Accrued rebates and sales incentives			33,559				27,554
Other current liabilities			80,942				85,629
Total current liabilities			546,796				446,279
Other liabilities
Long-term debt			702,521				803,351
Pension and other retirement compensation			215,482				234,948
Post-retirement medical and other benefits			30,325				31,790
Long-term income taxes payable			23,507				26,936
Deferred tax liabilities			167,005				146,630
Other non-current liabilities			86,295				95,060
Total liabilities			1,771,931				1,784,994
Shareholders’ equity			2,201,602				2,126,340
Total liabilities and shareholders’ equity		$	3,973,533			$	3,911,334
Days sales in accounts receivable (13 month moving average)			60				62
Days inventory on hand (13 month moving average)			82				90
Days in accounts payable (13 month moving average)			71				66

Pentair, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)

		Year Ended
		December 31				December 31
In thousands		2010				2009
Operating activities
Net income before noncontrolling interest		$	202,321			$	116,200
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Loss on disposal of discontinued operations			626				19
Equity (income) losses of unconsolidated subsidiaries			(2,108	)			1,379
Depreciation			57,995				64,823
Amortization			26,184				40,657
Deferred income taxes			30,716				30,616
Stock compensation			21,468				17,324
Excess tax benefits from stock-based compensation			(2,686	)			(1,746	)
Loss on sale of assets			466				985
Changes in assets and liabilities, net of effects of business acquisitions and dispositions
Accounts and notes receivable			(62,344	)			11,307
Inventories			(44,495	)			66,684
Prepaid expenses and other current assets			1,514				16,202
Accounts payable			55,321				(13,822	)
Employee compensation and benefits			27,252				(22,431	)
Accrued product claims and warranties			8,068				(7,440	)
Income taxes			1,791				1,972
Other current liabilities			561				(21,081	)
Pension and post-retirement benefits			(43,024	)			(39,607	)
Other assets and liabilities			(9,250	)			(2,141	)
Net cash provided by (used for) continuing operations			270,376				259,900
Net cash provided by (used for) operating activities of discontinued operations			—				(1,531	)
Net cash provided by (used for) operating activities			270,376				258,369
Investing activities
Capital expenditures			(59,523	)			(54,137	)
Proceeds from sale of property and equipment			358				1,208
Divestitures			—				1,567
Other			(1,148	)			(3,224	)
Net cash provided by (used for) investing activities			(60,313	)			(54,586	)
Financing activities
Net short-term borrowings			2,728				2,205
Proceeds from long-term debt			703,641				580,000
Repayment of long-term debt			(804,713	)			(730,304	)
Debt issuance costs			(50	)			(50	)
Excess tax benefits from stock-based compensation			2,686				1,746
Stock issued to employees, net of shares withheld			9,941				8,247
Repurchases of common stock			(24,712	)			—
Dividends paid			(75,465	)			(70,927	)
Distribution to noncontrolling interest			(4,647	)			—
Net cash provided by (used for) financing activities			(190,591	)			(209,083	)
Effect of exchange rate changes on cash and cash equivalents			(6,812	)			(648	)
Change in cash and cash equivalents			12,660				(5,948	)
Cash and cash equivalents, beginning of period			33,396				39,344
Cash and cash equivalents, end of period		$	46,056			$	33,396
Free cash flow
Net cash provided by (used for) continuing operations		$	270,376			$	259,900
Capital expenditures			(59,523	)			(54,137	)
Proceeds from sale of property and equipment			358				1,208
Free cash flow		$	211,211			$	206,971

Pentair, Inc. and Subsidiaries
Supplemental Financial Information by Reportable Business Segment (Unaudited)

		First Qtr				Second Qtr				Third Qtr				Fourth Qtr				Year
In thousands		2010				2010				2010				2010				2010
Net sales to external customers
Water Group		$	478,038			$	549,318			$	512,587			$	501,338			$	2,041,281
Technical Products Group			228,975				246,849				261,148				252,520				989,492
Consolidated		$	707,013			$	796,167			$	773,735			$	753,858			$	3,030,773
Intersegment sales
Water Group		$	517			$	427			$	442			$	444			$	1,830
Technical Products Group			703				1,047				1,154				913				3,817
Intercompany sales eliminations			(1,220	)			(1,474	)			(1,596	)			(1,357	)			(5,647	)
Consolidated		$	—			$	—			$	—			$	—			$	—
Operating income (loss)
Water Group		$	42,138			$	75,954			$	58,457			$	55,039			$	231,588
Technical Products Group			33,098				37,990				42,605				37,840				151,533
Unallocated corporate expenses and intercompany eliminations			(11,635	)			(13,818	)			(10,239	)			(13,274	)			(48,966	)
Consolidated		$	63,601			$	100,126			$	90,823			$	79,605			$	334,155
Operating income as a percent of net sales
Water			8.8	%			13.8	%			11.4	%			11.0	%			11.3	%
Technical Products			14.5	%			15.4	%			16.3	%			15.0	%			15.3	%
Consolidated			9.0	%			12.6	%			11.7	%			10.6	%			11.0	%

		First Qtr				Second Qtr				Third Qtr				Fourth Qtr				Year
In thousands		2009				2009				2009				2009				2009
Net sales to external customers
Water Group		$	423,932			$	486,990			$	461,570			$	475,272			$	1,847,764
Technical Products Group			209,908				206,722				201,095				226,979				844,704
Consolidated		$	633,840			$	693,712			$	662,665			$	702,251			$	2,692,468
Intersegment sales
Water Group		$	289			$	198			$	284			$	510			$	1,281
Technical Products Group			233				600				544				834				2,211
Intercompany sales eliminations			(522	)			(798	)			(828	)			(1,344	)			(3,492	)
Consolidated		$	—			$	—			$	—			$	—			$	—
Operating income (loss)
Water Group		$	26,976			$	49,781			$	53,085			$	33,903			$	163,745
Technical Products Group			20,462				23,578				24,356				31,959				100,355
Unallocated corporate expenses and intercompany eliminations			(10,224	)			(9,799	)			(10,759	)			(13,370	)			(44,152	)
Consolidated		$	37,214			$	63,560			$	66,682			$	52,492			$	219,948
Operating income as a percent of net sales
Water			6.4	%			10.2	%			11.5	%			7.1	%			8.9	%
Technical Products			9.7	%			11.4	%			12.1	%			14.1	%			11.9	%
Consolidated			5.9	%			9.2	%			10.1	%			7.5	%			8.2	%

Pentair, Inc. and Subsidiaries
Reconciliation of the GAAP “As Reported” year ending December 31, 2009 to the “Adjusted” non-GAAP
excluding the effect of 2009 adjustments (Unaudited)

		First Quarter				Second Quarter				Third Quarter				Fourth Quarter				Year
In thousands, except per-share data		2009				2009				2009				2009				2009
Net sales		$	633,840			$	693,712			$	662,665			$	702,251			$	2,692,468
Operating income — as reported			37,214				63,560				66,682				52,492				219,948
% of net sales			5.9	%			9.2	%			10.1	%			7.5	%			8.2	%
Adjustments:
Restructuring and asset impairment			2,824				2,944				7,295				24,881				37,944
Operating income — as adjusted			40,038				66,504				73,977				77,373				257,892
% of net sales			6.3	%			9.6	%			11.2	%			11.0	%			9.6	%
Net income from continuing operations attributable to Pentair, Inc. — as reported			17,255				32,006				37,033				29,218				115,512
Adjustments — tax affected
Restructuring and asset impairment, net of minority interest			1,864				1,943				4,815				17,549				26,171
Bond tender			—				3,171				—				—				3,171
Net income from continuing operations attributable to Pentair, Inc. — as adjusted			19,119				37,120				41,848				46,767				144,854
Continuing earnings per common share attributable to Pentair, Inc. - diluted
Diluted earnings per common share — as reported		$	0.18			$	0.33			$	0.38			$	0.29			$	1.17
Adjustments			0.02				0.05				0.04				0.18				0.30
Diluted earnings per common share — as adjusted		$	0.20			$	0.38			$	0.42			$	0.47			$	1.47
Weighted average common shares outstanding — Diluted			97,966				98,422				98,641				99,226				98,522

Pentair, Inc. and Subsidiaries
Reconciliation of the GAAP “As Reported” year ending December 31, 2009 to the “Adjusted” non-GAAP
excluding the effect of 2009 adjustments (Unaudited)

		First Quarter				Second Quarter				Third Quarter				Fourth Quarter				Year
In thousands		2009				2009				2009				2009				2009
Water
Net sales		$	423,932			$	486,990			$	461,570			$	475,272			$	1,847,764
Operating income — as reported			26,976				49,781				53,085				33,903				163,745
% of net sales			6.4	%			10.2	%			11.5	%			7.1	%			8.9	%
Adjustments — restructuring and asset impairment			1,464				1,460				2,639				21,336				26,899
Operating income — as adjusted			28,440				51,241				55,724				55,239				190,644
% of net sales			6.7	%			10.5	%			12.1	%			11.6	%			10.3	%
Technical Products
Net sales		$	209,908			$	206,722			$	201,095			$	226,979			$	844,704
Operating income — as reported			20,462				23,578				24,356				31,959				100,355
% of net sales			9.7	%			11.4	%			12.1	%			14.1	%			11.9	%
Adjustments — restructuring and asset impairment			792				1,139				4,557				2,729				9,217
Operating income — as adjusted			21,254				24,717				28,913				34,688				109,572
% of net sales			10.1	%			12.0	%			14.4	%			15.3	%			13.0	%