Exhibit 99.1

Pentair, Inc.

5500 Wayzata Blvd., Suite 800

Golden Valley, MN 55416

763 545 1730 Tel

763 656 5204 Fax

News Release

Pentair Reports Third Quarter 2004 EPS Gain of 19% in Debut Performance as a Water-led Diversified Company

GOLDEN VALLEY, Minn. — October 26, 2004 — Pentair (NYSE: PNR) announced that its third quarter 2004 earnings per share (EPS) from continuing operations of $0.32 increased 19 percent over third quarter 2003 EPS from continuing operations of $0.27. Pentair’s third quarter 2004 net sales totaled $607.8 million, up 46 percent from $417.0 million in the same period a year ago. Removing the effects of acquisitions, sales were up 11 percent over the third quarter 2003.

Operating income for the third quarter 2004 totaled $64.1 million, 42 percent greater than the $45.2 million reported in the third quarter of 2003. Excluding acquisitions, operating income increased 20 percent in the third quarter. Third quarter 2004 free cash flow was $74.4 million, bringing the year-to-date total to $169.2 million, a $20.6 million improvement compared to the first nine months of last year.

“We have completed the strategic repositioning of Pentair, exchanging the earnings of our Tools business, and the dynamics of the tools market, for the earnings of WICOR, and the brighter prospects of our water business, for a net cash outlay of about $100 million,” said Randall J. Hogan, Pentair chairman and chief executive officer. “Now we are turning to the second phase of the transformation: improving the performance of the newly acquired businesses and attaining our growth and profit goals.”

Hogan said that Pentair’s growth initiatives are on-track, that margins in Pentair’s existing businesses continue to improve, and that the integration of the former WICOR businesses is proceeding well, despite the fact that integration costs were higher than benefits in the quarter and that WICOR’s starting margins were somewhat lower than expected. Hogan credited Pentair’s productivity improvements, supply management activities, and ability to achieve price increases in offsetting the impact of higher material costs in the quarter.

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In the Water Group, third quarter 2004 sales of $426.7 million were 58 percent higher than the $270.9 million recorded in the same period last year, reflecting the impact of the WICOR acquisition effective as of July 31, 2004. Organic sales increased in the upper single digits reflecting continued double-digit growth in our pump markets.

Third quarter 2004 operating income of $47.4 million in the Water Group reflected a 31 percent gain over the same period last year. As expected, operating income margins were 11.1 percent including the lower initial margins of the former WICOR businesses. Excluding the WICOR and Everpure businesses and about $1.0 million of post-acquisition integration expenses, operating margins were about 13.6 percent, comparable to the 13.4 percent in the same period in 2003.

Integration of the former WICOR businesses proceeded as expected during the quarter. The consolidations of three manufacturing facilities and six distribution or warehousing locations in the U.S. and Europe have been announced, with some already completed. Costs associated with the integration efforts, which are expected to total approximately $5 million in the fourth quarter of 2004, will continue to offset the benefits for the remainder of this year.

All Enclosures Group businesses had significantly higher sales in key sectors, resulting in organic sales growth of 24 percent for the quarter. Additional wins in high growth markets, continued market share gains, and new customers in European markets helped to boost third quarter 2004 sales to $181.1 million compared to a year-earlier total of $146.2 million.

Third quarter operating income in the Enclosures Group increased 71 percent from the same period last year, totaling $23.2 million in 2004 versus $13.6 million in 2003. Margins reached 12.8 percent, expanding by 350 basis points over the third quarter 2003 and by 70 basis points over the second quarter 2004, delivering the Enclosures Group’s 11th consecutive quarter of sequential margin improvement. This performance was driven by higher volume and productivity gains from PIMS and supply management initiatives.

Pentair’s third quarter Cost of Goods Sold increased, reducing EPS by approximately three cents per share, for the expensing of fair market value inventory adjustments related to inventory acquired in the Everpure and WICOR transactions. Excluding this adjustment, gross profit increased by 210 basis points over the same period.

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Pentair’s year-to-date 2004 effective income tax rate of 35.0 percent is 330 basis points higher than the 31.7 percent rate of the same period last year. The higher rate is due to the discontinued status of the Tools Group, the higher tax rate borne by the WICOR businesses, the anticipated higher level and mix of Pentair’s 2004 U.S. and foreign earnings, and the fact that many of Pentair’s tax saving programs are relatively fixed.

Pentair noted that the proceeds from the early fourth quarter sale of its Tools Group to Black & Decker yielded a total of $796 million. With the closing of the sale, Pentair immediately paid down the $850 bridge loan associated with its acquisition of WICOR. Today, Pentair’s debt-to-total-capital ratio is less than 37 percent, equal to what it was in late 2003.

According to Hogan, Pentair is now focused on driving the Water Group’s margins back toward the goal of 15 percent, and capturing growth opportunities in both water and enclosures.

“In the first half of this year, our Water Group reached its goal of 15 percent Return on Sales. As we combine WICOR’s strong customer service orientation and Pentair’s proven operating disciplines over the next two years, we expect that the expanded Water Group will regain that high level of performance,” Hogan said. “Our fourth quarter will continue to reflect more integration costs than benefits but, despite this, we still expect to generate fourth quarter EPS of between $0.30 and $0.34, or full year EPS of between $1.32 and $1.36. This is in-line with our prior guidance and represents a year-over-year EPS growth of approximately 35 percent. We still expect 2005 EPS to be in the range of $1.95 to $2.10, an increase of approximately 50 percent over 2004.”

A Pentair conference call scheduled for 11:00 a.m. CDT today will be webcast live via http://www.pentair.com. A link to the conference call is posted on the site’s “Financial Information” page and will be archived at the same location.

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Pentair, Inc. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

	Three months ended						Nine months ended
In thousands, except per-share data	October 2 2004			September 27 2003			October 2 2004			September 27 2003
Net sales	$	607,767		$	416,986		$	1,626,653		$	1,238,310
Cost of goods sold		437,983			306,571			1,155,145			905,573
Gross profit		169,784			110,415			471,508			332,737
% of net sales		27.9	%		26.5	%		29.0	%		26.9	%
Selling, general and administrative		96,882			59,471			264,795			187,998
% of net sales		15.9	%		14.3	%		16.3	%		15.2	%
Research and development		8,803			5,752			21,521			16,705
% of net sales		1.4	%		1.4	%		1.3	%		1.3	%
Operating income		64,099			45,192			185,192			128,034
% of net sales		10.5	%		10.8	%		11.4	%		10.3	%
Net interest expense		11,172			5,530			26,317			18,571
% of net sales		1.8	%		1.3	%		1.6	%		1.5	%
Income before income taxes		52,927			39,662			158,875			109,463
% of net sales		8.7	%		9.5	%		9.8	%		8.8	%
Provision for income taxes		19,835			12,687			55,549			34,739
Effective tax rate		37.5	%		32.0	%		35.0	%		31.7	%
Income from continuing operations		33,092			26,975			103,326			74,724
Income from discontinued operations, net of tax		14,810			11,400			40,247			35,387
Net income	$	47,902		$	38,375		$	143,573		$	110,111
Earnings per common share
Basic
Continuing operations	$	0.33		$	0.27		$	1.04		$	0.76
Discontinued operations		0.15			0.12			0.41			0.36
Basic earnings per common share	$	0.48		$	0.39		$	1.45		$	1.11
Diluted
Continuing operations	$	0.32		$	0.27		$	1.02		$	0.75
Discontinued operations		0.15			0.11			0.40			0.36
Diluted earnings per common share	$	0.47		$	0.38		$	1.42		$	1.10
Weighted average common shares outstanding
Basic		99,502			98,868			99,083			98,809
Diluted		102,059			100,086			101,428			99,649
Cash dividends declared per common share	$	0.105		$	0.105		$	0.320		$	0.305

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Pentair, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

In thousands	October 2 2004			December 31 2003			September 27 2003
Assets
Current assets
Cash and cash equivalents	$	78,794		$	47,989		$	50,381
Accounts and notes receivable, net		397,098			251,475			232,018
Inventories		315,414			166,862			161,415
Current assets of discontinued operations		394,937			313,399			360,606
Deferred tax assets		45,304			30,871			38,367
Prepaid expenses and other current assets		30,967			18,854			17,330
Total current assets		1,262,514			829,450			860,117
Property, plant and equipment, net		335,976			233,106			228,314
Other assets
Assets of discontinued operations		565,071			539,892			540,398
Goodwill		1,619,635			997,183			875,197
Intangibles, net		259,770			98,490			7,545
Other		83,839			82,556			75,918
Total other assets		2,528,315			1,718,121			1,499,058
Total assets	$	4,126,805		$	2,780,677		$	2,587,489
Liabilities and Shareholders’ Equity
Current liabilities
Short-term borrowings	$	850,000		$	—		$	102
Current maturities of long-term debt		9,865			73,631			103,308
Accounts payable		184,741			93,043			95,721
Employee compensation and benefits		88,779			61,213			59,888
Accrued product claims and warranties		35,200			24,427			24,865
Current liabilities of discontinued operations		209,339			156,004			167,396
Income taxes		49,697			14,912			12,876
Other current liabilities		136,873			74,221			80,754
Total current liabilities		1,564,494			497,451			544,910
Long-term debt		737,719			732,862			558,610
Pension and other retirement compensation		129,779			101,704			135,313
Post-retirement medical and other benefits		58,007			26,227			26,387
Deferred tax liabilities		140,656			60,636			30,446
Other noncurrent liabilities		61,861			62,208			62,863
Liabilities of discontinued operations		41,598			38,111			32,656
Total liabilities		2,734,114			1,519,199			1,391,185
Minority interest		2,672			—			—
Shareholders’ equity		1,390,019			1,261,478			1,196,304
Total liabilities and shareholders’ equity	$	4,126,805		$	2,780,677		$	2,587,489
Days sales in accounts receivable (13 month moving average)		52			54			54
Days inventory on hand (13 month moving average)		58			59			60
Days in accounts payable (13 month moving average)		56			54			53
Debt/total capital		53.5	%		39.0	%		35.6	%

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Pentair, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Nine months ended
In thousands	October 2 2004			September 27 2003
Operating activities
Net income	$	143,575		$	110,111
Adjustments to reconcile net income to net cash provided by operation activities:
Net income from discontinued operations		(40,247	)		(35,387	)
Depreciation		34,946			32,132
Other amortization		10,310			3,578
Deferred income taxes		(449	)		10,766
Stock compensation		—			306
Changes in assets and liabilities, net of effects of business acquisitions and dispositions
Accounts and notes receivable		13,611			(1,601	)
Inventories		(46,043	)		9,016
Prepaid expenses and other current assets		(13,835	)		(4,690	)
Accounts payable		14,090			(1,205	)
Employee compensation and benefits		6,127			7,724
Accrued product claims and warranties		2,009			(1,073	)
Income taxes		24,602			902
Other current liabilities		28,914			4,467
Pension and post-retirement benefits		7,121			7,514
Other assets and liabilities		(1,059	)		1,878
Net cash provided by continuing operations		183,672			144,438
Net cash provided by discontinued operations		14,031			33,891
Net cash provided by operating activities		197,703			178,329
Investing activities
Capital expenditures		(28,553	)		(29,720	)
Acquisitions, net of cash acquired		(877,717	)		(19,409	)
Payments from sale of businesses		—			(2,400	)
Equity investments		—			(5,426	)
Other		—			48
Net cash used for investing activities		(906,270	)		(56,907	)
Financing activities
Net short-term (repayments) borrowings		845,838			(771	)
Proceeds from long-term debt		231,516			486,657
Repayment of long-term debt		(317,152	)		(558,816	)
Proceeds from exercise of stock options		10,225			510
Dividends paid		(32,042	)		(30,106	)
Net cash provided by (used for) financing activities		738,385			(102,526	)
Effect of exchange rate changes on cash		987			(8,163	)
Change in cash and cash equivalents		30,805			10,733
Cash and cash equivalents, beginning of period		47,989			39,648
Cash and cash equivalents, end of period	$	78,794		$	50,381
Free cash flow
Net cash provided by operating activities	$	197,703		$	178,329
Less capital expenditures continuing operations		(22,793	)		(18,369	)
Less capital expenditures discontinued operations		(5,760	)		(11,351	)
Free cash flow	$	169,150		$	148,609

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Pentair, Inc. and Subsidiaries

Supplemental Financial Information by Reportable Business Segment (Unaudited)

In thousands	First Qtr 2004			Second Qtr 2004			Third Qtr 2004			Nine Months 2004			First Qtr 2003			Second Qtr 2003			Third Qtr 2003			Nine Months 2003
Net sales to external customers
Water	$	314,002		$	353,345		$	426,696		$	1,094,043		$	246,440		$	290,692		$	270,901		$	808,033
Enclosures		174,803			178,103			181,100			534,006			139,453			145,236			146,232			430,921
Intersegment sales elimination		(352	)		(1,015	)		(29	)		(1,396	)		(142	)		(355	)		(147	)		(644	)
Consolidated	$	488,453		$	530,433		$	607,767		$	1,626,653		$	385,751		$	435,573		$	416,986		$	1,238,310
Operating income (loss)
Water	$	41,547		$	59,253		$	47,410		$	148,210		$	29,504		$	46,002		$	36,197		$	111,703
Enclosures		19,354			21,590			23,211			64,155			9,865			11,703			13,555			35,123
Other		(10,791	)		(9,860	)		(6,522	)		(27,173	)		(7,217	)		(7,015	)		(4,560	)		(18,792	)
Consolidated	$	50,110		$	70,983		$	64,099		$	185,192		$	32,152		$	50,690		$	45,192		$	128,034
Operating income as a percent of net sales
Water		13.2	%		16.8	%		11.1	%		13.5	%		12.0	%		15.8	%		13.4	%		13.8	%
Enclosures		11.1	%		12.1	%		12.8	%		12.0	%		7.1	%		8.1	%		9.3	%		8.2	%
Consolidated		10.3	%		13.4	%		10.5	%		11.4	%		8.3	%		11.6	%		10.8	%		10.3	%

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About Pentair, Inc.

Pentair (www.pentair.com) is a diversified operating company headquartered in 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 Enclosures Group is a leader in the global enclosures market, designing and manufacturing standard, modified and custom enclosures that house and protect sensitive electronics and electrical components. With 2003 revenues of $2.7 billion, Pentair has approximately 13,000 employees worldwide.

Any statements made about the company’s anticipated financial results are forward-looking statements subject to risks and uncertainties such as continued economic growth; the ability to integrate the WICOR acquisition successfully and the risk that expected synergies may not be fully realized or may take longer to realize than expected; foreign currency effects; retail and industrial demand; product introductions; and pricing and other competitive pressures. 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.

Contact:
Pentair:	Mark Cain
Tel.	(763) 656-5278
E-mail:	mark.cain@pentair.com

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