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 Delivers 44% EPS Growth in Third Quarter 2005

Third Quarter 2005 Highlights

• Earnings per share of $0.46, up 44%.

• Operating income of 80.8 million, up 26%.

• Operating margins up 80 bps. to 11.3%.

• Net sales of $716.3 million, up 18%.

• Cash flow of $76.0 million brings YTD total Free Cash Flow to $95.2 million.

• Water margins of 11.7%, up 60 bps.

• Water business integration activities captured $26 million YTD in net synergies.

GOLDEN VALLEY, Minn. — October 25, 2005 — Pentair (NYSE: PNR) today announced its third quarter 2005 results, highlighting a 44 percent year-over-year increase in earnings per share (EPS) from continuing operations on a sales gain of 18 percent. Sales growth on a pro forma basis, assuming WICOR had been acquired at the beginning of the third quarter of 2004, and excluding favorable foreign currency exchange, was approximately seven percent.

According to Pentair Chairman and Chief Executive Officer, Randall J. Hogan, “Pentair made excellent progress on several fronts in the third quarter. We delivered seven percent pro forma sales growth, achieved our 15^th consecutive quarter of sequential margin improvement in Enclosures, increased Water Group margins 60 basis points, and captured water business net integration synergies of $11 million. Our net integration synergy savings on a year-to-date basis are approximately $26 million, with our current full year estimate of $37 million compared to our goal of $30 million. Strong sales in pool and enclosure markets and continued success in implementing our Pentair Integrated Management System (PIMS), helped offset manufacturing move-related expenses, lower growth in retail pump and residential filtration markets, and inflationary pressures.

“We are on track with our integration synergies, yet we saw a decline in our price to inflation spread from the first half of 2005,” Hogan said. “We expect this price to inflation pressure to continue into the fourth quarter as raw material input costs continue to rise ahead of price increases. This tighter spread, together with investments in Asia and in acquisition activity, will affect earnings in the fourth quarter. Therefore, we now expect fourth quarter 2005 earnings from continuing operations in a range between $0.40 and $0.42, approximately 25 percent higher than the same period last year. As a result, EPS from continuing operations is expected to gain 40 percent in 2005 compared to 2004. In addition, we are initiating guidance for 2006 EPS in a range between $2.20 and $2.30, assuming sales growth in the mid-single digits and excluding the pending adoption of SFAS No.123-R requiring the expensing of stock options.

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“Our previously announced acquisition of APW’s thermal management businesses will expand our Enclosures Group offering with the capability to provide advanced thermal solutions,” Hogan said. “We are assuming the transaction will close in the fourth quarter and have included a slightly dilutive impact in our fourth quarter 2005 EPS guidance. We do expect the acquisition will be accretive to earnings within the first 12 months.”

Third Quarter 2005 Financial Comments

Earnings:

Operating income totaled $80.8 million, 26 percent greater than the $64.1 million reported in the same period last year. Operating margins of 11.3 percent in the third quarter reflected a gain of 80 basis points over the year-earlier level of 10.5 percent. EPS from continuing operations of $0.46 was 44 percent higher than third quarter 2004 EPS from continuing operations of $0.32.

Third quarter 2005 EPS included a $1.0 million favorable tax accrual adjustment related to the recently filed 2004 Federal tax return. The overall effective tax rate of 32.3 percent was due to this one-time item and adjusting the year-to-date tax run rate from 35.5 percent to 35.0 percent. These adjustments combined added $0.02 to earnings in the third quarter.

Revenue:

Net sales totaled $716.3 million, up 18 percent from $607.8 million in the same period a year ago. Sales growth on a pro forma basis, assuming WICOR had been acquired at the beginning of the third quarter of 2004, and excluding favorable foreign currency exchange, was approximately seven percent.

Cash:

Cash flow totaled $76.0 million, bringing free cash flow for the first nine months of 2005 to $95.2 million. Pentair has revised its free cash flow expectations for 2005 to a range of between $170 million and $190 million due primarily to higher than previously anticipated working capital related to increases in safety stocks of certain critical materials, such as resins and motors. In addition, Pentair is experiencing higher inventories on products sourced out of Asia. Pentair expects these conditions will be mitigated throughout 2006 as the supply chain is optimized.

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Water Group Third Quarter Comments

• Sales of $515.9 million were up 21 percent over the same period last year, and were up approximately five percent on a pro forma basis, assuming WICOR had been acquired at the beginning of the third quarter of 2004.

• Pool equipment sales grew in the high teens as favorable weather conditions combined with successful fall stocking programs.

• Specialty pump sales were up in the high single digits, spurred by strong municipal, industrial, and agriculture equipment demand, and by pricing actions.

• European water sales rebounded, driven by successful share gains in pump, and strong penetration of the food and beverage markets with filtration products.

• New products were significant in driving sales and included new transfer, split-case, and solids handling pumps; and new pool lighting products, and control systems.

• Operating income totaled $60.3 million, up 27 percent compared to the same period last year, driven by pricing and synergy savings.

• Margins expanded to 11.7 percent, a gain of 60 basis points over the same period last year.

• The integration of the water businesses continued on-track with $26 million in net savings realized during the first nine months of 2005 against a total year goal of $30 million.

• Of the three ongoing plant shutdowns in the quarter, two were completed and one is still in progress. Two low-cost country plants were ramping up to accommodate the product relocated as a result of the shutdowns. The shutdown still in process was delayed to ensure that our processes were stable at the new location, which manufactures water storage tanks. We are now gaining NSF approval for the tank products, and are on-track to complete the move in February.

• Inflationary pressures increased during the third quarter, with raw material and energy costs rising and closing the margin gap between price and inflation.

Enclosures Group Third Quarter Comments

• Sales of $200.4 million grew 11 percent over the same period last year. Favorable foreign currency exchange accounted for less than one percent of the growth.

• The Group continued to grow in North America, with strong sales in the industrial, commercial, medical and networking markets. Sales in China more than doubled compared to the same period in 2004. Enclosures’ growth in Europe remained weak in a tough market environment.

• Enclosures rolled out a number of new products targeting growth in specific end markets. New cable management and data interface products were introduced to drive growth in the networking market, while two new cabinets were targeted toward high thermal load applications. The previously announced Varistar cabinet line also continues to ramp quickly and customer interest is strong.

• Operating income set a new third quarter record of $28.5 million, up 23 percent compared to the same period last year, driven by volume, supply savings, productivity improvements, and pricing.

• Margins reached 14.2 percent, expanding by 140 basis points over the third quarter 2004, and delivering the Enclosures Group’s 15th consecutive quarter of sequential margin improvement.

• Raw material costs increased about six percent in the quarter, and were offset by actions in both pricing and productivity. Steel costs are expected to moderate through the balance of the year, although higher transportation and energy costs are anticipated.

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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.

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.

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 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; the ability to close and integrate the acquisition of APW’s thermal management businesses; 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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Pentair, Inc. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

	Three months ended						Nine months ended
In thousands, except per-share data	October 1 2005			October 2 2004			October 1 2005			October 2 2004
Net sales	$	716,308		$	607,767		$	2,214,466		$	1,626,653
Cost of goods sold		515,467			437,983			1,574,254			1,155,145
Gross profit		200,841			169,784			640,212			471,508
% of net sales		28.0	%		27.9	%		28.9	%		29.0	%
Selling, general and administrative		108,917			96,882			338,479			264,794
% of net sales		15.2	%		15.9	%		15.3	%		16.3	%
Research and development		11,148			8,803			33,107			21,521
% of net sales		1.5	%		1.5	%		1.5	%		1.3	%
Operating income		80,776			64,099			268,626			185,193
% of net sales		11.3	%		10.5	%		12.1	%		11.4	%
Gain on sale of investment		—			—			5,199			—
Net interest expense		10,752			11,172			33,726			26,317
% of net sales		1.5	%		1.8	%		1.5	%		1.6	%
Income from continuing operations before income taxes		70,024			52,927			240,099			158,876
% of net sales		9.8	%		8.7	%		10.8	%		9.8	%
Provision for income taxes		22,649			19,835			84,897			55,548
Effective tax rate		32.3	%		37.5	%		35.4	%		35.0	%
Income from continuing operations		47,375			33,092			155,202			103,328
Income from discontinued operations, net of tax		—			14,810			—			40,247
Net income	$	47,375		$	47,902		$	155,202		$	143,575
Earnings per common share
Basic
Continuing operations	$	0.47		$	0.33		$	1.54		$	1.04
Discontinued operations		—			0.15			—			0.41
Basic earnings per common share	$	0.47		$	0.48		$	1.54		$	1.45
Diluted
Continuing operations	$	0.46		$	0.32		$	1.51		$	1.02
Discontinued operations		—			0.15			—			0.40
Diluted earnings per common share	$	0.46		$	0.47		$	1.51		$	1.42
Weighted average common shares outstanding
Basic		100,922			99,502			100,685			99,083
Diluted		102,973			102,059			102,894			101,428
Cash dividends declared per common share	$	0.130		$	0.110		$	0.390		$	0.320

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Pentair, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

In thousands	October 1 2005			December 31 2004			October 2 2004
Assets
Current assets
Cash and cash equivalents	$	49,352		$	31,495		$	78,794
Accounts and notes receivable, net		428,486			396,459			397,098
Inventories		344,676			323,676			315,414
Current assets of discontinued operations		—			—			394,937
Deferred tax assets		63,098			49,074			45,304
Prepaid expenses and other current assets		28,244			24,433			30,967
Total current assets		913,856			825,137			1,262,514
Property, plant and equipment, net		316,491			336,302			335,976
Other assets
Non-current assets of discontinued operations		—			393			565,071
Goodwill		1,637,020			1,620,404			1,619,635
Intangibles, net		251,308			258,126			259,770
Other		61,739			80,213			83,839
Total other assets		1,950,067			1,959,136			2,528,315
Total assets	$	3,180,414		$	3,120,575		$	4,126,805
Liabilities and Shareholders’ Equity
Current liabilities
Short-term borrowings	$	—		$	—		$	850,000
Current maturities of long-term debt		4,003			11,957			9,865
Accounts payable		183,376			195,289			184,741
Employee compensation and benefits		90,722			104,821			88,779
Accrued product claims and warranties		43,252			42,524			35,200
Current liabilities of discontinued operations		192			192			209,339
Income taxes		44,134			27,395			49,697
Accrued rebates and sales incentives		41,397			41,618			40,292
Other current liabilities		114,176			103,083			97,239
Total current liabilities		521,252			526,879			1,565,152
Long-term debt		685,354			724,148			737,719
Pension and other retirement compensation		142,584			135,356			129,779
Post-retirement medical and other benefits		70,794			69,667			58,007
Deferred tax liabilities		143,533			142,873			140,656
Other non-current liabilities		69,369			70,804			63,875
Non-current liabilities of discontinued operations		2,027			3,054			41,598
Total liabilities		1,634,913			1,672,781			2,736,786
Shareholders’ equity		1,545,501			1,447,794			1,390,019
Total liabilities and shareholders’ equity	$	3,180,414		$	3,120,575		$	4,126,805
Days sales in accounts receivable (13 month moving average)		55			52			52
Days inventory on hand (13 month moving average)		70			62			58
Days in accounts payable (13 month moving average)		56			57			56
Debt/total capital		30.8	%		33.7	%		53.5	%

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Pentair, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Nine months ended
In thousands	October 1 2005			October 2 2004
Operating activities
Net income	$	155,202		$	143,575
Adjustments to reconcile net income to net cash provided by operating activities
Net income from discontinued operations		—			(40,247	)
Depreciation		43,144			34,946
Amortization		17,818			10,310
Deferred income taxes		3,457			(449	)
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		(43,760	)		13,611
Inventories		(29,435	)		(46,043	)
Prepaid expenses and other current assets		(4,458	)		(13,835	)
Accounts payable		(8,374	)		14,090
Employee compensation and benefits		(23,876	)		6,127
Accrued product claims and warranties		290			2,009
Income taxes		17,637			24,602
Other current liabilities		3,875			28,914
Pension and post-retirement benefits		11,911			7,121
Other assets and liabilities		(4,115	)		(1,059	)
Net cash provided by continuing operations		134,894			183,672
Net cash provided by (used for) operating activities of discontinued operations		(634	)		14,031
Net cash provided by operating activities		134,260			197,703
Investing activities
Capital expenditures		(50,597	)		(28,553	)
Proceeds from sale of property and equipment		11,534			—
Acquisitions, net of cash acquired		(10,515	)		(877,717	)
Divestitures		(10,574	)		—
Proceeds from sale of investment		23,599			—
Other		(950	)		—
Net cash used for investing activities		(37,503	)		(906,270	)
Financing activities
Net short-term borrowings		—			845,838
Proceeds from long-term debt		403,425			231,516
Repayment of long-term debt		(448,148	)		(317,152	)
Proceeds from exercise of stock options		7,029			10,225
Dividends paid		(39,889	)		(32,042	)
Net cash provided by (used for) financing activities		(77,583	)		738,385
Effect of exchange rate changes on cash		(1,317	)		987
Change in cash and cash equivalents		17,857			30,805
Cash and cash equivalents, beginning of period		31,495			47,989
Cash and cash equivalents, end of period	$	49,352		$	78,794
Free cash flow
Net cash provided by operating activities	$	134,260		$	197,703
Less capital expenditures continuing operations		(50,597	)		(2,793	)
Less capital expenditures discontinued operations		—			(5,760	)
Proceeds from sale of property and equipment		11,534			—
Free cash flow	$	95,197		$	69,150

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Pentair, Inc. and Subsidiaries

Supplemental Financial Information by Reportable Business Segment (Unaudited)

In thousands	First Qtr 2005			Second Qtr 2005			Third Qtr 2005			Nine Months 2005			First Qtr 2004			Second Qtr 2004			Third Qtr 2004			Nine Months 2004
Net sales to external customers
Water	$	512,088		$	585,657		$	515,945		$	1,613,690		$	313,981		$	353,316		$	426,670		$	1,093,967
Enclosures		197,547			202,866			200,363			600,776			174,472			177,117			181,097			532,686
Consolidated	$	709,635		$	788,523		$	716,308		$	2,214,466		$	488,453		$	530,433		$	607,767		$	1,626,653
Intersegment sales
Water	$	22		$	187		$	280		$	489		$	21		$	29		$	26		$	76
Enclosures		402			630			407			1,439			332			986			3			1,321
Other		(424	)		(817	)		(687	)		(1,928	)		(353	)		(1,015	)		(29	)		(1,397	)
Consolidated	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Operating income (loss)
Water	$	61,803		$	93,481		$	60,278		$	215,562		$	41,547		$	59,253		$	47,410		$	148,210
Enclosures		25,926			27,078			28,531			81,535			19,354			21,590			23,211			64,155
Other		(11,356	)		(9,082	)		(8,033	)		(28,471	)		(10,791	)		(9,859	)		(6,522	)		(27,172	)
Consolidated	$	76,373		$	111,477		$	80,776		$	268,626		$	50,110		$	70,984		$	64,099		$	185,193
Operating income as a percent of net sales
Water		12.1	%		16.0	%		11.7	%		13.4	%		13.2	%		16.8	%		11.1	%		13.5	%
Enclosures		13.1	%		13.3	%		14.2	%		13.6	%		11.1	%		12.2	%		12.8	%		12.0	%
Consolidated		10.8	%		14.1	%		11.3	%		12.1	%		10.3	%		13.4	%		10.5	%		11.4	%