On Wed, 20 Aug 2008 18:24:45 GMT, "Lew Hodgett"
wrote:

"Frank Boettcher" wrote:

But it makes me feel good to see
this happen, and I'm happy to see that B & D may actually get it
where
Pentair, didn't have a clue.

Near as I can tell, about the only thing Pentair didn't totally screw
up was Hoffman electrical enclosures.

Lew

Lew, Pentair is doing much better in the business they chose to remain
in that is the water business and the enclosure business. These fit
their business model a little better. Consolidation and globalization
work a lot better when globalization does not just mean send
everything to China, but, actually develop markets outside the U. S.
Those two groups are also more industrial and infrastructure related
and less retail in nature, unlike the tool group and the vehicle
service equipment group, both of which they ruined trying to apply a
business model that had no chance of working.

They went away from the original business model which was to acquire
underperforming companies with great names, leave them autonomous and
give local management the support to do what needed to be done. The
current management wants, it seems, to turn it into a G. E. on a
smaller scale. Not surprised at this, the current CEO is both ex G.
E. and ex McKinsey.

I think they will do well in the future, with most of the growth from
markets in Europe and Aisa, although one component of the business is
pool and spa which has been really negatively affected by the housing
downturn. If you can anticipate the timing of that turning around, it
would be a good stock to buy at that point. (disclosure, I own it).

But they get an F for their management of the tool group.

Frank