it will pay a regular quarterly cash dividend of $0.20 per share on February 5, 2021 to shareholders of record at the close of business on January 22, 2021. This dividend reflects a 5 percent increase in the company’s regular cash dividend rate (from $0.19 per share); 2021 will mark the 45^th consecutive year that Pentair has increased its dividend.

In addition, the company announced today that its Board of Directors has authorized a new share repurchase program for the company to repurchase up to $750 million of Pentair shares. The new authorization allows Pentair to commence share repurchases effective immediately and expires on December 31, 2025. Pentair intends to repurchase outstanding shares from time to time in the open market using cash flow generated from its operations. This new program supplements the prior authorization that expires May 31, 2021 and under which $100 million remained available as of December 7, 2020.

“The 5 percent increase in our quarterly dividend and the new share repurchase program are the latest examples of Pentair’s long-standing commitment of consistently returning capital to our shareholders and is a strong signal of the Board’s confidence in Pentair’s future,” said John L. Stauch, President and CEO. “We are proud to announce that 2021 will mark the 45^th consecutive year of dividend increases at Pentair. Our cash flow generation is strong and we remain committed to delivering long-term shareholder value creation.”