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 Solid Third Quarter 2011 Results

• Third quarter sales increased 15 percent to $891 million

• Reported EPS of $0.51; Adjusted EPS of $0.58, up 5 percent

• Generated free cash flow of $70 million in the quarter

• Updated full year reported EPS outlook to a range of $2.26 to $2.29; adjusted EPS outlook of $2.44 to 2.47, up 22 to 24 percent

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

MINNEAPOLIS — October 26, 2011 — Pentair, Inc. (NYSE: PNR) announced third quarter 2011 sales of $891 million, an increase of 15 percent from the same quarter last year. These results reflected growth across both segments, Water and Technical Products, including 11 percentage points from the acquisition of Norit’s Clean Process Technologies (CPT) and 2 percentage points from favorable foreign currency. Earnings per diluted share from continuing operations (EPS) were $0.51 in the third quarter 2011. Third quarter 2011 results included restructuring charges of $2 million, or approximately $0.02 of EPS, related to repositioning actions in its Water business. Adjusting to exclude acquisition related costs and restructuring charges, third quarter 2011 EPS was $0.58, an increase of 5 percent over the same quarter last year.

“We had another solid quarter with balanced top-line growth and good margin performance across our businesses,” said Randall J. Hogan, Pentair chairman and chief executive officer. “Growth investments continued to yield positive results with fast growth regions up 22 percent in the quarter, before including the CPT acquisition. Innovation, expanded distribution and improved operating performance helped to drive solid global demand across our end markets. The CPT results reflected strong double digit sales growth from a year ago, demonstrating the strength of its membrane technology and systems expertise in water and beverage solutions.”

“Solid price realization of 2 percent in the quarter combined with productivity more than offset inflation. The year-over-year margin decline reflected the negative impact of the CPT acquisition and related intangible amortization and acquisition related costs, as we anticipated. We expect to drive sequential CPT margin improvement through a combination of volume leverage, lean-driven efficiencies, as well as repositioning efforts that are already underway,” added Hogan.

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The company reported third quarter operating income of $93 million compared to $91 million in the prior year quarter. Adjusting to exclude acquisition related costs and restructuring charges, operating income increased 11 percent to $101 million and the company achieved operating margins of 11.3 percent compared to 11.7 percent of a year ago, reflecting the impact of the CPT acquisition. Pricing combined with productivity gains more than offset inflation across both Water and Technical Products. Third quarter 2011 results included the benefit of a lower effective tax rate, largely resulting from the CPT acquisition and a favorable geographic mix.

Free cash flow was $70 million in the third quarter, resulting in $188 million through the first three quarters of 2011. The company said it expects to achieve free cash flow of approximately $250 million for the full year 2011.

THIRD QUARTER BUSINESS HIGHLIGHTS

Water sales grew 20 percent year-over-year to $615 million, including 17 percentage points from the CPT acquisition and a two-percentage point favorable impact from foreign currency. Year-over-year sales growth was negatively impacted by approximately 6 percentage points due to sales in 2010 related to the Gulf Intracoastal Waterway (GIWW) project. Within the five Water global businesses, the third quarter sales performances were as follows:

• Residential Flow sales were up 15 percent versus the prior year quarter, led by double-digit growth in U.S. residential de-watering products and the agricultural business.

• Residential Filtration sales were up 5 percent, as the benefit from new products and increased penetration in fast growth regions offset softness in the U.S. market.

• Pool sales were up 14 percent driven by strong demand for energy efficient pool products and expanded distribution.

• Engineered Flow sales were down 32 percent due to lower U.S. municipal sales largely related to the prior year benefit from GIWW, while commercial and industrial pumps sales increased year-over-year. The year-over-year impact of GIWW resulted in 28 percentage points of the decline.

• Filtration Solutions sales increased 141 percent year-over-year, reflecting a 133-percentage point or $89 million benefit from the CPT acquisition. The remaining 8 percentage points of growth mainly reflected increased sales in foodservice and desalination.

Water’s third quarter reported operating income totaled $60 million. Excluding the acquisition related costs and restructuring charges included in the Water segment, third quarter operating income increased 15 percent to $67 million while operating margins decreased 40 basis points to 11 percent, reflecting the negative 100 basis point impact from the CPT acquisition. Pricing and productivity improvements more than offset the negative impact from inflation and continued growth investments.

Technical Products delivered third quarter 2011 sales of $276 million, an increase of 6 percent versus the prior year quarter, including a three-percentage point favorable impact from foreign currency.

• Solid global demand drove double-digit growth across many of the end markets served, including industrial, commercial, general electronics and energy, partially offset by an expected decline in communications.

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• Sales in the U.S were relatively flat year-over-year, reflecting the softness in communications. Fast growth regions were up 29 percent, led by China and Latin America, due to distribution gains and expanded product offerings.

Technical Products’ third quarter reported operating income totaled $49 million, up 14 percent compared to $43 million in the same quarter last year. Third quarter 2011 operating margins increased to 17.6 percent, an increase of 130 basis points when compared to the prior year quarter. Strong pricing and productivity gains, more than offset the negative impact from inflation and continued growth investments.

OUTLOOK

The company provided its fourth quarter 2011 EPS guidance of $0.57 to $0.60. Excluding the acquisition related costs and restructuring charges, the company expects an adjusted fourth quarter 2011 EPS in the range of $0.59 to $0.62, an increase of 20 to 27 percent from the prior year quarter, on an estimated sales growth of 17 to 19 percent.

The company expects full year 2011 reported EPS to be in the $2.26 to $2.29 range, including approximately $0.18 of acquisition related costs and restructuring charges. Excluding these costs, the company expects full year 2011 adjusted EPS in the range of $2.44 to $2.47. This represents an increase of 22 to 24 percent compared to 2010 EPS on expected full year 2011 sales of approximately $3.5 billion, up approximately 15 percent compared to the prior year.

“I’m pleased with the performance and progress we’ve made in 2011,” added Hogan. “We enter the fourth quarter with solid price realization, fast growth region momentum and accelerated productivity efforts. Despite challenges in a few end markets, we continue to grow the top-line, expand margins and position Pentair for continued success in 2012 and beyond.”

EARNINGS CONFERENCE CALL

Pentair Chairman and CEO Randall J. Hogan and Chief Financial Officer John L. Stauch will discuss the company’s performance and third quarter 2011 results and 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 third quarter 2011 earnings release and the third quarter 2011 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.

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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 our ability to integrate the CPT acquisition successfully; the magnitude, timing and scope of recovery from the global economic downturn or any potential future downturn; the strength of housing and related markets; the risk that expected benefits from 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; increased risks associated with operating foreign businesses; 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 15,000 people worldwide.

PENTAIR CONTACTS:

Sara Zawoyski

Vice President, Investor Relations

Tel.: (763) 656-5575

E-mail: sara.zawoyski@pentair.com

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Pentair, Inc. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

	Three months ended						Nine months ended
	October 1,			October 2,			October 1,			October 2,
In thousands, except per-share data	2011			2010			2011			2010
Net sales	$	890,546		$	773,735		$	2,590,994		$	2,276,915
Cost of goods sold		618,484			537,193			1,782,137			1,578,503
Gross profit		272,062			236,542			808,857			698,412
% of net sales		30.6	%		30.6	%		31.2	%		30.7	%
Selling, general and administrative		159,068			128,854			462,260			392,787
% of net sales		17.9	%		16.7	%		17.8	%		17.3	%
Research and development		20,091			16,865			58,095			51,075
% of net sales		2.3	%		2.2	%		2.3	%		2.2	%
Operating income		92,903			90,823			288,502			254,550
% of net sales		10.4	%		11.7	%		11.1	%		11.2	%
Other (income) expense:
Equity income of unconsolidated subsidiaries		(574	)		(347	)		(1,481	)		(1,806	)
Net interest expense		17,373			8,953			41,311			27,049
% of net sales		2.0	%		1.2	%		1.6	%		1.2	%
Income from continuing operations before income taxes and noncontrolling interest		76,104			82,217			248,672			229,307
Provision for income taxes		24,050			26,488			76,447			75,937
effective tax rate		31.6	%		32.2	%		30.7	%		33.1	%
Income from continuing operations		52,054			55,729			172,225			153,370
Gain on disposal of discontinued operations, net of tax		—			549			—			1,666
Net income before noncontrolling interest		52,054			56,278			172,225			155,036
Noncontrolling interest		962			1,228			3,880			3,584
Net income attributable to Pentair, Inc.	$	51,092		$	55,050		$	168,345		$	151,452
Net income from continuing operations attributable to Pentair, Inc.	$	51,092		$	54,501		$	168,345		$	149,786
Earnings per common share attributable to Pentair, Inc.
Basic
Continuing operations	$	0.52		$	0.55		$	1.71		$	1.53
Discontinued operations		—			0.01			—			0.01
Basic earnings per common share	$	0.52		$	0.56		$	1.71		$	1.54
Diluted
Continuing operations	$	0.51		$	0.55		$	1.69		$	1.51
Discontinued operations		—			—			—			0.01
Diluted earnings per common share	$	0.51		$	0.55		$	1.69		$	1.52
Weighted average common shares outstanding
Basic		98,472			98,298			98,228			98,105
Diluted		99,802			99,514			99,759			99,326
Cash dividends declared per common share	$	0.20		$	0.19		$	0.60		$	0.57

Pentair, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

	October 1,		December 31,		October 2,
In thousands	2011		2010		2010
Assets
Current assets
Cash and cash equivalents	$	52,665	$	46,056	$	56,995
Accounts and notes receivable, net		556,688		516,905		490,221
Inventories		459,916		405,356		410,072
Deferred tax assets		61,411		56,349		50,991
Prepaid expenses and other current assets		147,568		44,631		48,555
Total current assets		1,278,248		1,069,297		1,056,834
Property, plant and equipment, net		394,922		329,435		327,602
Other assets
Goodwill		2,516,692		2,066,044		2,070,911
Intangibles, net		619,262		453,570		461,378
Other		73,319		55,187		56,033
Total other assets		3,209,273		2,574,801		2,588,322
Total assets	$	4,882,443	$	3,973,533	$	3,972,758
Liabilities and Shareholders’ Equity
Current liabilities
Short-term borrowings	$	29,705	$	4,933	$	4,180
Current maturities of long-term debt		1,194		18		37
Accounts payable		281,448		262,357		266,416
Employee compensation and benefits		117,538		107,995		100,626
Current pension and post-retirement benefits		8,733		8,733		8,948
Accrued product claims and warranties		43,920		42,295		40,783
Income taxes		26,283		5,964		22,202
Accrued rebates and sales incentives		45,231		33,559		39,066
Other current liabilities		163,550		80,942		90,286
Total current liabilities		717,602		546,796		572,544
Other liabilities
Long-term debt		1,317,454		702,521		673,265
Pension and other retirement compensation		190,221		209,859		219,463
Post-retirement medical and other benefits		26,933		30,325		28,506
Long-term income taxes payable		23,891		23,507		23,857
Deferred tax liabilities		228,737		169,198		147,772
Other non-current liabilities		79,489		86,295		93,681
Total liabilities		2,584,327		1,768,501		1,759,088
Shareholders’ equity		2,298,116		2,205,032		2,213,670
Total liabilities and shareholders’ equity	$	4,882,443	$	3,973,533	$	3,972,758
Days sales in accounts receivable (13 month moving average)		61		60		59
Days inventory on hand (13 month moving average)		83		82		82
Days in accounts payable (13 month moving average)		72		71		68

Pentair, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Nine months ended
In thousands	October 1, 2011			October 2, 2010
Operating activities
Net income before noncontrolling interest	$	172,225		$	155,036
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Gain on disposal of discontinued operations		—			(1,666	)
Equity income of unconsolidated subsidiaries		(1,481	)		(1,806	)
Depreciation		49,079			43,141
Amortization		29,807			19,742
Deferred income taxes		4,445			4,866
Stock compensation		14,695			16,598
Excess tax benefits from stock-based compensation		(3,137	)		(2,193	)
Loss on sale of assets		702			166
Changes in assets and liabilities, net of effects of business acquisitions and dispositions
Accounts and notes receivable		22,657			(36,216	)
Inventories		15,633			(49,822	)
Prepaid expenses and other current assets		(26,380	)		(1,476	)
Accounts payable		(45,759	)		60,162
Employee compensation and benefits		(12,334	)		21,600
Accrued product claims and warranties		115			6,556
Income taxes		18,045			18,013
Other current liabilities		46,924			15,493
Pension and post-retirement benefits		(23,636	)		(15,197	)
Other assets and liabilities		(21,041	)		(3,754	)
Net cash provided by (used for) operating activities		240,559			249,243
Investing activities
Capital expenditures		(53,063	)		(42,981	)
Proceeds from sale of property and equipment		139			340
Acquisitions, net of cash acquired		(733,105	)		—
Other		(441	)		(1,232	)
Net cash provided by (used for) investing activities		(786,470	)		(43,873	)
Financing activities
Net short-term borrowings		24,772			1,975
Proceeds from long-term debt		1,370,423			493,821
Repayment of long-term debt		(771,793	)		(624,007	)
Debt issuance costs		(8,973	)		(50	)
Excess tax benefits from stock-based compensation		3,137			2,193
Stock issued to employees, net of shares withheld		11,788			7,861
Repurchases of common stock		(12,785	)		(2,786	)
Dividends paid		(59,669	)		(56,584	)
Net cash provided by (used for) financing activities		556,900			(177,577	)
Effect of exchange rate changes on cash and cash equivalents		(4,380	)		(4,194	)
Change in cash and cash equivalents		6,609			23,599
Cash and cash equivalents, beginning of period		46,056			33,396
Cash and cash equivalents, end of period	$	52,665		$	56,995
Free cash flow
Net cash provided by (used for) operating activities	$	240,559		$	249,243
Capital expenditures		(53,063	)		(42,981	)
Proceeds from sale of property and equipment		139			340
Free cash flow	$	187,635		$	206,602

Pentair, Inc. and Subsidiaries

Supplemental Financial Information by Reportable Business Segment (Unaudited)

In thousands	First Qtr 2011			Second Qtr 2011			Third Qtr 2011			Nine Months 2011
Net sales to external customers
Water Group	$	515,368		$	631,994		$	614,557		$	1,761,919
Technical Products Group		274,905			278,181			275,989			829,075
Consolidated	$	790,273		$	910,175		$	890,546		$	2,590,994
Intersegment sales
Water Group	$	455		$	316		$	426		$	1,197
Technical Products Group		999			1,559			1,755			4,313
Other		(1,454	)		(1,875	)		(2,181	)		(5,510	)
Consolidated	$	—		$	—		$	—		$	—
Operating income (loss)
Water Group	$	56,528		$	84,521		$	59,608		$	200,657
Technical Products Group		48,087			48,261			48,611			144,959
Other		(18,438	)		(23,360	)		(15,316	)		(57,114	)
Consolidated	$	86,177		$	109,422		$	92,903		$	288,502
Operating income as a percent of net sales
Water Group		11.0	%		13.4	%		9.7	%		11.4	%
Technical Products Group		17.5	%		17.3	%		17.6	%		17.5	%
Consolidated		10.9	%		12.0	%		10.4	%		11.1	%

In thousands	First Qtr 2010			Second Qtr 2010			Third Qtr 2010			Nine Months 2010
Net sales to external customers
Water Group	$	478,038		$	549,318		$	512,587		$	1,539,943
Technical Products Group		228,975			246,849			261,148			736,972
Consolidated	$	707,013		$	796,167		$	773,735		$	2,276,915
Intersegment sales
Water Group	$	517		$	427		$	442		$	1,386
Technical Products Group		703			1,047			1,154			2,904
Other		(1,220	)		(1,474	)		(1,596	)		(4,290	)
Consolidated	$	—		$	—		$	—		$	—
Operating income (loss)
Water Group	$	42,138		$	75,954		$	58,457		$	176,549
Technical Products Group		33,098			37,990			42,605			113,693
Other		(11,635	)		(13,818	)		(10,239	)		(35,692	)
Consolidated	$	63,601		$	100,126		$	90,823		$	254,550
Operating income as a percent of net sales
Water Group		8.8	%		13.8	%		11.4	%		11.5	%
Technical Products Group		14.5	%		15.4	%		16.3	%		15.4	%
Consolidated		9.0	%		12.6	%		11.7	%		11.2	%

Pentair, Inc. and Subsidiaries

Reconciliation of the GAAP “As Reported” year ending December 31, 2011 to the “Adjusted” non-GAAP

excluding the effect of 2011 adjustments (Unaudited)

Total Pentair	First Quarter			Second Quarter			Third Quarter			Fourth Quarter	Year
In thousands, except per-share data	2011			2011			2011			2011	2011
Net sales	$	790,273		$	910,175		$	890,546		$880,000-$900,000	approx $ 3.5B
Operating income—as reported		86,177			109,422			92,903		98,000 - 102,000	approx 386 - 390M
% of net sales		10.9	%		12.0	%		10.4	%	11% - 15%	approx 11%+
Adjustments:
CPT deal related costs		1,709			6,136			—
Restructuring		—			—			2,079
Inventory step-up and customer backlog		197			5,256			5,798		approx 2,000	approx 23M
Operating income—as adjusted		88,083			120,814			100,780		100,000 - 104,000	approx 409 - 413M
% of net sales		11.1	%		13.3	%		11.3	%	11% - 15%	approx 12%
Net income from continuing operations attributable to Pentair, Inc.—as reported		50,541			66,712			51,092		56,000 - 60,000	approx 225 - 229M
Adjustments net of tax		1,287			8,803			6,561		approx 2,000	approx 18M
Net income from continuing operations attributable to Pentair, Inc.—as adjusted		51,828			75,515			57,653		58,000 - 62,000	approx 243 - 247M
Continuing earnings per common share attributable to Pentair, Inc.—diluted
Diluted earnings per common share—as reported	$	0.51		$	0.67		$	0.51		$0.57 - $0.60	$2.26 - $2.29
Adjustments		0.01			0.08			0.07		0.02	0.18
Diluted earnings per common share—as adjusted	$	0.52		$	0.75		$	0.58		$0.59 - $0.62	$2.44 - $2.47

Pentair, Inc. and Subsidiaries

Reconciliation of the GAAP “As Reported” year ending December 31, 2011 to the “Adjusted” non-GAAP

excluding the effect of 2011 adjustments (Unaudited)

Water	First Quarter			Second Quarter			Third Quarter			Fourth Quarter	Year
In thousands	2011			2011			2011			2011	2011
Net sales	$	515,368		$	631,944		$	614,557		$620,000 - $635,000	approx $ 2.4B
Operating income—as reported		56,528			84,521			59,608		68,000 - 73,000	269 - 274M
% of net sales		11.0	%		13.4	%		9.7	%	approx 11-11.5%	approx 11-11.5%
Adjustments:
Restructuring		—			—			1,955
Inventory step-up and customer backlog		197			5,256			5,798		approx 2,000	approx 15M
Operating income—as adjusted		56,725			89,777			67,361		70,000 - 75,000	284 - 289M
% of net sales		11.0	%		14.2	%		11.0	%	approx 11.5%	approx 11.5-12%