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<SEC-DOCUMENT>0000950137-07-018889.txt : 20080310
<SEC-HEADER>0000950137-07-018889.hdr.sgml : 20080310
<ACCEPTANCE-DATETIME>20071221130354
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950137-07-018889
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20071221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENTAIR INC
		CENTRAL INDEX KEY:			0000077360
		STANDARD INDUSTRIAL CLASSIFICATION:	SPECIAL INDUSTRY MACHINERY (NO METALWORKING MACHINERY) [3550]
		IRS NUMBER:				410907434
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5500 WAYZATA BLVD.
		STREET 2:		SUITE 800
		CITY:			GOLDEN VALLEY
		STATE:			MN
		ZIP:			55416
		BUSINESS PHONE:		763-545-1730

	MAIL ADDRESS:	
		STREET 1:		5500 WAYZATA BLVD.
		STREET 2:		SUITE 800
		CITY:			GOLDEN VALLEY
		STATE:			MN
		ZIP:			55416

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PENTAIR INDUSTRIES INC
		DATE OF NAME CHANGE:	19790327
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">December&nbsp;21, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Martin James<BR>
Senior Assistant Chief Accountant<BR>
Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street N.E.<BR>
Washington, D.C. 20549

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pentair, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form&nbsp;10-K for the year ended December&nbsp;31, 2006<BR></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">File No.&nbsp;000-04689</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Mr.&nbsp;Martin:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On behalf of Pentair, Inc., I am writing in response to the staff&#146;s comments with respect to the
above-referenced filing from your letter dated November&nbsp;19, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Set forth below are the headings and numbered paragraphs from the staff&#146;s November&nbsp;19<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
letter, each of which is immediately followed by Pentair&#146;s response, including any required
supplemental information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Form&nbsp;10-K for the Year Ended December&nbsp;31, 2006</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Note 4: Goodwill and Other Intangible Assets, page 59</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please reconcile the amounts you present in the table on page 59 relating to goodwill
acquired in 2006 to the disclosure on pages 6 and page 56-57 where you discuss the
acquisitions. The disclosure on these pages appears to indicate that you recorded
goodwill of $17.1&nbsp;million in 2006, while the table in the note shows $15.8&nbsp;million.
Please discuss the reasons for all differences</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Response:<BR>
We classified our purchase accounting items into two separate line items. &#147;Acquired&#148; was used
for acquisitions that occurred during the current calendar year (i.e., 2006 acquisitions).
&#147;Purchase accounting adjustments&#148; was used for acquisitions that occurred in a prior year, but
that were still within the allocation period.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 1 <!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The $17.1&nbsp;million on pages 6 and 56-57 is the correct amount. The table on page 59
inadvertently included ($1.3) million that was classified as acquired, but should have been
classified as a purchase accounting adjustment. If the ($1.3) million was reclassified
accordingly, the table would reflect the correct total of $17.1&nbsp;million for acquired goodwill
and $34.0&nbsp;million for purchase accounting adjustments. This misclassification will be adjusted
prospectively.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Describe to us and revise future filings to disclose the events that gave rise to the
purchase accounting goodwill adjustments of $32.7&nbsp;million in 2006. In particular, clearly
describe and quantify the additional transaction costs, the restructuring costs incurred,
the valuation of intangible assets, and the reclassification relating to WICOR.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Response:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Adjusted for our response to the staff&#146;s comment #1, set forth below are the purchase
accounting adjustments to goodwill of ($34.0) million.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional transaction costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restructuring costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.6</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Valuation of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26.4</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclassification relating to WICOR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9.7</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(34.0</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 3px DOUBLE #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Descriptions of the adjustments are as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>

<TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings"><B>&#167;</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Additional transaction costs are direct incremental costs related to the
acquisitions. They consist primarily of legal and accounting fees.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings"><B>&#167;</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restructuring costs of $0.6&nbsp;million were recorded as liabilities related to
exiting activities of acquired companies and costs related to involuntarily
terminated and/or relocated employees of the acquired companies in accordance with
EITF 95-3. Also included in restructuring costs is the reversal of excess
liabilities of ($2.2) million related to involuntarily terminated and/or relocated
employees of the acquired companies from acquisitions when the ultimate cost
expended was less than the amount recorded as a liability in accordance with EITF
95-3.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
<TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings"><B>&#167;</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The adjustments for valuation of intangible assets relates to our December&nbsp;1,
2005 acquisition of McLean Thermal Management, Aspen Motion Technologies and
Electronic Solutions. At the time of the acquisition, we recorded estimated values
for the identifiable intangible assets. During 2006, management completed its
analysis of the assets acquired and liabilities assumed, resulting in an increase
in the identifiable intangible assets of $26.4&nbsp;million and a corresponding
reduction to goodwill. The</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->Page 2 <!-- /Folio -->
</DIV>



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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">identifiable intangible assets primarily consist of
customer relationships
and brand names which are reflected in the increases in the carrying amount of
those assets in the table at the end of Note 4.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The reclassification relating to WICOR is a reclassification between other assets
and goodwill. When we acquired WICOR, we assumed certain liabilities which we
recorded as part of our purchase accounting. Under the terms of the purchase and
sale agreement, WICOR had agreed to indemnify us for these liabilities. During
2006, it came to our attention that we had not recorded the long-term receivable
from WICOR related to the indemnification. In 2006, we recorded the long-term
receivable of $9.7&nbsp;million and the corresponding reduction to goodwill. Since the
WICOR acquisition occurred in July&nbsp;2004 and the purchase price allocation period
had ended, we deemed this to be an error in our consolidated financial statements.
However, this error had no impact on our consolidated financial statements, other
than the misclassification between two lines within our noncurrent assets. We used
the guidance of SAB 99 and SAB 108 and determined this error to be immaterial to
the consolidated financial statements for all annual and interim periods in 2006
and prior years. Specifically, we concluded that the misstatement did not:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have an impact on our consolidated financial statements, other than
the misclassification between two lines within our noncurrent assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>mask a change in earnings and other trends;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>hide a failure to meet analysts&#146; consensus expectations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change a loss into income or vise versa;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>concern a segment or other portion of our business that has been
identified as playing a significant role in our profitability;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>affect our compliance with regulatory requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>affect our compliance with loan covenants or other contractual
requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase management&#146;s compensation; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>involve concealment of an unlawful transaction</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">We also considered the following factors in our assessment of materiality:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>potential market reaction to the disclosure of a misstatement by
itself; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether management intentionally misstated items in the financial
statements to &#147;manage&#148; reported earnings.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">We concluded that there would not be a significant market reaction to the
disclosure of a misstatement by itself, and the misstatement was not a result of
management &#147;managing&#148; reported earnings.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 3<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Based upon this guidance and our analyses, we determined this to be immaterial and
therefore considered it appropriate to correct the classification prospectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">In future filings we will modify our disclosure as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Foreign Currency</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><I>In thousands</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">December 31, 2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Acquisitions</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Translation</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">December 31, 2006</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Water</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,433,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,449,461</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Technical Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22,253</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">269,311</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,718,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(16,895</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,718,772</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In future filings, we will also clearly describe any purchase accounting adjustments in our
acquisition disclosures (pages 6 and 56-57).
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Discuss your conclusions that the restructuring costs should result in an adjustment
to goodwill. That is, explain how the circumstances reflected the guidance in EITF 95-3.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The restructuring costs totaling ($1.6) million are equal to (1) $ 0.6&nbsp;million in severance
liabilities for exiting activities primarily related to involuntarily terminating and/or
relocating employees from acquired companies of current acquisitions less (2) ($ 2.2) million
in reversals of excess restructuring reserves resulting directly from our plans for exiting
activities and to involuntarily terminate and/or relocate employees of acquired companies from
prior acquisitions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We believe that the adjustment to goodwill reflects the guidance of EITF 95-3 for the following
reasons. EITF 95-3 indicates that costs resulting from a plan to involuntarily terminate or
relocate employees of an acquired company should be recognized as a liability assumed as of the
consummation date of the purchase business combination and included in the allocation of the
acquisition costs if certain criteria are met. Based on our review of EITF 95-3, we have met
each of the criteria included in that guidance. Specifically, as of the consummation date, we
began to assess and formulate our plan for exiting activities and to involuntarily terminate
employees from the acquired companies. We finalized our plans during 2006 and communicated our
plans in compliance with EITF 95-3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">EITF 95-3 also indicates that when the ultimate amount of a cost expended is less than the
amount recorded as a liability assumed in a purchase business combination as a result of
applying the above consensus, the excess should reduce the cost of the acquired company. Based
on our review of the guidance, the above mentioned reversals should be reported as a reduction
to goodwill.
</DIV>



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</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Note 5: Supplemental Balance Sheet Information, page 61</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Equity Method Investment</B></U>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Tell us where you have presented your share of the results of FARADYNE&#146;s operations
on your consolidated statement of income. Please explain how you have complied with Rule
5-</B><B>03(b)</B><B> 13 of Regulation&nbsp;S-X in presenting your equity in the earnings of unconsolidated
subsidiaries and 50&nbsp;percent or less owned entities.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Response:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Our share of the results of FARADYNE&#146;s operations was included in the selling, general and
administrative expense line item in our consolidated statement of income.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Rule&nbsp;5-03(b) 13 of Regulation&nbsp;S-X indicates that the equity in earnings of unconsolidated
subsidiaries should be presented as a single amount after provisions from income taxes and
before income from continuing operations in our consolidated statement of income. We formed
the FARADYNE joint venture in 2005 as a startup company to manufacture electric motors to be
used in the distribution of certain water pumps we manufacture and sell. FARADYNE began to
ship motors in late 2006; the only customers for these motors are the two joint venture
partners. Since FARADYNE only manufactures electric motors for use with a limited range of
water pumps, we do not foresee our share of their operations becoming material to our
consolidated financial statements. Our share of the results of FARADYNE&#146;s operations for the
years ended December&nbsp;31, 2006 and 2005 were less than 1.2% of income from continuing operations
and less than 0.6% of selling, general and administrative expenses. Since these amounts were immaterial,
less than 1.2% of any financial statement line affected by this classification, we included it
in the selling, general and administrative expense line item in our consolidated statement of
income versus disclosing as a single amount per the guidance of Rule&nbsp;5-03(b) 13. We will
continue to monitor the results of FARADYNE&#146;s operations, and we will report them in accordance
with Rule&nbsp;5-03(b) 13 in the future if our share of the results of FARADYNE&#146;s operation becomes
material to our consolidated statement of income for any period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Form&nbsp;10-Q for the period ended September&nbsp;29, 2007</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Item&nbsp;4. Controls and procedures, page 32</B></U>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your disclosure that you maintain a system of disclosure controls and
procedures designed to provide &#145;reasonable assurance&#146; as to the reliability of your
published financial statements and other disclosures included in the report. While we do
not object to you indicating that your</B></TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>system is designed to provide </B><U><B>reasonable assurance</B></U><B> that disclosures controls and
procedures meet their stated objectives, please note that in light of that disclosure, if
true, you should revise the section in future filings to also state that disclosure
controls and procedures are effective at the reasonable assurance level. Otherwise, remove
the term from future filings.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Response:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">In future filings, we will remove the reference to reasonable assurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">In connection with our response to these comments, we acknowledge the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we are responsible for the adequacy and accuracy of the disclosure in the filing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>staff comments or changes to disclosure in response to staff comments do not foreclose
the Commission from taking any action with respect to the filing; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may not assert staff comments as a defense in any proceeding initiated by the
Commission or any person under the federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have any questions regarding our response, please do not hesitate to call me at (763)
656-5260.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Regards,
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John L/ Stauch
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
By: John L. Stauch
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Executive Vice President and Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">cc:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Eric Atallah</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Staff Accountant</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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