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 a 49% Sales Increase, a 50% EPS Improvement, and a 70 Basis Point Margin Gain in Second Quarter of 2005

GOLDEN VALLEY, Minn. — July 26, 2005 — Pentair (NYSE: PNR) today announced its second quarter 2005 results, highlighting a 50 percent year-over-year increase in earnings per share (EPS) from continuing operations driven by stronger margins in Pentair’s Enclosures and Water businesses, coupled with share gains in robust Enclosures markets and the contributions of the new water businesses acquired in the WICOR purchase in August 2004.

Pentair’s second quarter 2005 net sales totaled $788.5 million, up 49 percent from $530.4 million in the same period a year ago. Organic sales – removing the effects of acquisitions and excluding favorable foreign currency exchange – grew approximately seven percent. Operating income for the second quarter totaled $111.5 million, 57 percent greater than the $71.0 million reported in the same period last year. A 14.1 percent margin in the second quarter reflected a gain of 70 basis points over the year-earlier level of 13.4 percent. Second quarter 2005 EPS of $0.63 compared to second quarter 2004 EPS from continuing operations of $0.42. Cash flow for the second quarter of 2005 totaled $117 million, bringing free cash flow for the first half of 2005 to $19 million. Pentair has targeted $200 million of free cash flow in 2005.

“The integration of our new water businesses and our water margin enhancement efforts both showed concrete progress in this our seasonally high quarter. The Enclosures Group continued its long streak of sales and margin improvements with several performance records established in the second quarter,” said Randall J. Hogan, Pentair chairman and chief executive officer. “These results demonstrate that we are executing very well in all of our businesses, and that we are getting solid bottom line results from our newly acquired water businesses.”

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In the Water Group, second quarter 2005 sales of $585.7 million were 66 percent higher than the $353.3 million recorded in the same period last year. Removing the effects of acquisitions and excluding favorable foreign currency exchange, sales were up approximately four percent over the second quarter of 2004 when the Group’s organic growth rate was 15 percent. Sales gains in specialty pumps, water treatment, foodservice, pool equipment, and Asia more than offset lower sales in water systems pumps, Europe, and spa and bath equipment.

Second quarter 2005 operating income in the Water Group totaled $93.5 million, up 58 percent from $59.3 million for the same period last year. The Group showed significant progress in margin expansion with operating income margin of 16.0 percent in the second quarter — only 80 basis points below the same period last year, prior to the WICOR acquisition. Pentair said the integration of its new water businesses is on schedule, with 17 of the facility closings or consolidations identified in its integration plan now completed or announced, up from 15 in the first quarter. Water margins are up 180 basis points over where they would have been had WICOR been included in the second quarter of last year.

Pentair’s Enclosures Group delivered 15 percent sales growth with second quarter 2005 sales totaling $202.9 million compared to a year-earlier total of $177.1 million. Second quarter growth was driven by gains in all North American end markets, with sales in the rest of the world down slightly.

Second quarter operating income in the Enclosures Group increased 25 percent from the same period last year, totaling $27.1 million in 2005 versus $21.6 million in 2004. Margins reached 13.3 percent, expanding by 110 basis points over the second quarter 2004, and delivering the Enclosures Group’s 14th consecutive quarter of sequential margin improvement. The Group benefited from higher volume in North America and productivity gains from the Pentair Integrated Management System and supply management initiatives, as well as more stable raw material pricing.

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Second quarter 2005 EPS included a $5.2 million pre-tax gain, or a net gain of $3.3 million after tax, from the sale of our investment in the stock of LN Holdings Corporation. This gain was offset by a $3.2 million charge to tax expense related to an anticipated settlement of a routine German tax exam for prior years that is likely to be unfavorable. The overall effective tax rate of 38.5 percent in the second quarter of 2005 was higher than our normal 2005 tax run rate of 35.5 percent due to this additional $3.2 million of tax expense.

“Our performance during the first half of 2005 has proven the value of the steps we are taking to grow our company and build shareholder value,” Hogan said. “We are clearly executing well in Enclosures and most of our Water businesses, and we continue to work to improve organic sales growth in Water and to minimize costs from redundant operations during integration-related product line moves.”

Hogan added: “Looking ahead to our third quarter expectations, we are initiating third quarter EPS guidance of between $0.43 and $0.47 — at least 34 percent higher than third quarter 2004 continuing EPS. We are further tightening our full year 2005 EPS guidance to a range of between $2.00 and $2.05, which is, at minimum, 48 percent higher than 2004 continuing EPS.”

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						Six months ended
In thousands, except per-share data	July 2 2005			July 3 2004			July 2 2005			July 3 2004
Net sales	$	788,523		$	530,433		$	1,498,158		$	1,018,886
Cost of goods sold		553,290			368,782			1,058,787			717,162
Gross profit		235,233			161,651			439,371			301,724
% of net sales		29.8	%		30.5	%		29.3	%		29.6	%
Selling, general and administrative		113,224			84,260			229,562			167,912
% of net sales		14.4	%		15.9	%		15.3	%		16.5	%
Research and development		10,532			6,407			21,959			12,718
% of net sales		1.3	%		1.2	%		1.5	%		1.2	%
Operating income		111,477			70,984			187,850			121,094
% of net sales		14.1	%		13.4	%		12.5	%		11.9	%
Gain on sale of investment		5,199			—			5,199			—
Net interest expense		11,698			7,500			22,974			15,145
% of net sales		1.5	%		1.4	%		1.5	%		1.5	%
Income from continuing operations before income taxes		104,978			63,484			170,075			105,949
% of net sales		13.3	%		12.0	%		11.4	%		10.4	%
Provision for income taxes		40,456			21,491			62,248			35,714
Effective tax rate		38.5	%		33.9	%		36.6	%		33.7	%
Income from continuing operations		64,522			41,993			107,827			70,235
Income from discontinued operations, net of tax		—			13,470			—			25,438
Net income	$	64,522		$	55,463		$	107,827		$	95,673
Earnings per common share
Basic
Continuing operations	$	0.64		$	0.42		$	1.07		$	0.71
Discontinued operations		—			0.14			—			0.26
Basic earnings per common share	$	0.64		$	0.56		$	1.07		$	0.97
Diluted
Continuing operations	$	0.63		$	0.42		$	1.05		$	0.70
Discontinued operations		—		$	0.13			—			0.25
Diluted earnings per common share	$	0.63		$	0.55		$	1.05		$	0.95
Weighted average common shares outstanding
Basic		100,769			99,320			100,566			98,874
Diluted		102,967			101,694			102,855			101,112
Cash dividends declared per common share	$	0.130		$	0.105		$	0.260		$	0.210

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Pentair, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

In thousands	July 2 2005			December 31 2004			July 3 2004
Assets
Current assets
Cash and cash equivalents	$	41,853		$	31,495		$	58,247
Accounts and notes receivable, net		457,878			396,459			285,348
Inventories		339,460			323,676			193,220
Current assets of discontinued operations		—			—			380,387
Deferred tax assets		49,077			49,074			30,630
Prepaid expenses and other current assets		27,734			24,433			26,868
Total current assets		916,002			825,137			974,700
Property, plant and equipment, net		324,477			336,302			219,343
Other assets
Non-current assets of discontinued operations		—			393			561,769
Goodwill		1,614,248			1,620,404			997,441
Intangibles, net		254,233			258,126			96,156
Other		60,538			80,213			81,871
Total other assets		1,929,019			1,959,136			1,737,237
Total assets	$	3,169,498		$	3,120,575		$	2,931,280
Liabilities and Shareholders’ Equity
Current liabilities
Short-term borrowings	$	—		$	—		$	1,587
Current maturities of long-term debt		6,469			11,957			5,333
Accounts payable		195,702			195,289			130,852
Employee compensation and benefits		80,584			104,821			64,868
Accrued product claims and warranties		43,940			42,524			27,013
Current liabilities of discontinued operations		192			192			206,779
Income taxes		47,384			27,395			26,680
Accrued rebates and sales incentives		38,177			41,618			22,809
Other current liabilities		97,367			103,083			57,640
Total current liabilities		509,815			526,879			543,561
Long-term debt		727,631			724,148			747,319
Pension and other retirement compensation		138,830			135,356			100,383
Post-retirement medical and other benefits		70,309			69,667			25,790
Deferred tax liabilities		143,377			142,873			60,201
Other non-current liabilities		67,576			70,804			62,525
Non-current liabilities of discontinued operations		2,031			3,054			46,733
Total liabilities		1,659,569			1,672,781			1,586,512
Shareholders’ equity		1,509,929			1,447,794			1,344,768
Total liabilities and shareholders’ equity	$	3,169,498		$	3,120,575		$	2,931,280
Days sales in accounts receivable (13 month moving average)		53			52			52
Days inventory on hand (13 month moving average)		68			62			55
Days in accounts payable (13 month moving average)		56			57			55
Debt/total capital		32.7	%		33.7	%		35.9	%

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Pentair, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Six months ended
In thousands	July 2 2005			July 3 2004
Operating activities
Net income	$	107,827		$	95,673
Adjustments to reconcile net income to net cash provided by operating activities
Net income from discontinued operations		—			(25,438	)
Depreciation		28,962			20,928
Amortization		12,075			6,277
Deferred income taxes		2,572			301
Stock compensation		777			—
Gain on sale of investment		(5,199	)		—
Changes in assets and liabilities, net of effects of business acquisitions and dispositions
Accounts and notes receivable		(72,729	)		(35,903	)
Inventories		(22,340	)		(28,179	)
Prepaid expenses and other current assets		(4,036	)		(7,797	)
Accounts payable		4,590			38,994
Employee compensation and benefits		(29,912	)		2,971
Accrued product claims and warranties		1,228			2,660
Income taxes		20,546			11,934
Other current liabilities		787			7,979
Pension and post-retirement benefits		7,370			3,990
Other assets and liabilities		(5,144	)		(1,182	)
Net cash provided by continuing operations		47,374			93,208
Net cash provided by (used for) discontinued operations		(630	)		14,863
Net cash provided by operating activities		46,744			108,071
Investing activities
Capital expenditures		(39,077	)		(13,340	)
Proceeds from sale of property and equipment		11,553			—
Acquisitions, net of cash acquired		(10,513	)		(15,288	)
Divestitures		(190	)		—
Proceeds from sale of investment		23,596			—
Equity investments		—			(200	)
Net cash used for investing activities		(14,631	)		(28,828	)
Financing activities
Net short-term borrowings (repayments)		—			(2,603	)
Proceeds from long-term debt		160,000			164,816
Repayment of long-term debt		(160,383	)		(220,526	)
Proceeds from exercise of stock options		6,355			10,178
Dividends paid		(26,648	)		(21,001	)
Net cash used for financing activities		(20,676	)		(69,136	)
Effect of exchange rate changes on cash		(1,079	)		151
Change in cash and cash equivalents		10,358			10,258
Cash and cash equivalents, beginning of period		31,495			47,989
Cash and cash equivalents, end of period	$	41,853		$	58,247
Free cash flow
Net cash provided by operating activities	$	46,744		$	108,071
Less capital expenditures continuing operations		(39,077	)		(10,412	)
Less capital expenditures discontinued operations		—			(2,928	)
Proceeds from sale of property and equipment		11,553			—
Free cash flow	$	19,220		$	94,731

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Pentair, Inc. and Subsidiaries

Supplemental Financial Information by Reportable Business Segment (Unaudited)

In thousands	First Qtr 2005			Second Qtr 2005			Six Months 2005			First Qtr 2004			Second Qtr 2004			Six Months 2004
Net sales to external customers
Water	$	512,088		$	585,657		$	1,097,745		$	313,981		$	353,316		$	667,297
Enclosures		197,547			202,866			400,413			174,472			177,117			351,589
Consolidated	$	709,635		$	788,523		$	1,498,158		$	488,453		$	530,433		$	1,018,886
Intersegment sales
Water	$	22		$	187		$	209		$	21		$	29		$	50
Enclosures		402			630			1,032			332			986			1,318
Other		(424	)		(817	)		(1,241	)		(353	)		(1,015	)		(1,368	)
Consolidated	$	—		$	—		$	—		$	—		$	—		$	—
Operating income (loss)
Water	$	61,803		$	93,481		$	155,284		$	41,547		$	59,253		$	100,800
Enclosures		25,926			27,078			53,004			19,354			21,590			40,944
Other		(11,356	)		(9,082	)		(20,438	)		(10,791	)		(9,859	)		(20,650	)
Consolidated	$	76,373		$	111,477		$	187,850		$	50,110		$	70,984		$	121,094
Operating income as a percent of net sales
Water		12.1	%		16.0	%		14.1	%		13.2	%		16.8	%		15.1	%
Enclosures		13.1	%		13.3	%		13.2	%		11.1	%		12.2	%		11.6	%
Consolidated		10.8	%		14.1	%		12.5	%		10.3	%		13.4	%		11.9	%

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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 2004 revenues of $2.28 billion, or $2.76 billion on a pro forma basis, 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.

Pentair Contacts:

Rachael Jarosh	Mark Cain
Communications	Investor Relations
Tel.: (763) 656-5280	Tel.: (763) 656-5278
E-mail: rachael.jarosh@pentair.com	E-mail: mark.cain@pentair.com

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