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 Full Year 2011 Sales Growth of 14 Percent to $3.5 Billion;

Reaffirms 2012 Earnings Outlook of $2.60 to $2.75

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

MINNEAPOLIS — January, 31, 2012 — Pentair, Inc. (NYSE: PNR) announced full year 2011 sales of $3.5 billion, an increase of 14 percent from the prior year. The full year sales increase reflected broad-based growth in both Water and Technical Products, and included 8 percentage points from the acquisition of Clean Process Technologies (CPT) and a point from favorable foreign exchange. Earnings per diluted share from continuing operations (EPS) were $0.34 for the full year 2011, which included a non-cash goodwill impairment charge of $1.82 per share, restructuring charges totaling $0.10 per share and acquisition related costs of $0.15 per share. Excluding these items, the company achieved EPS of $2.41 in 2011, up 21 percent from the prior year.

During the year, Pentair generated $248 million in free cash flow, which represented another year of greater than 100 percent conversion of net income. The company paid approximately $80 million in dividends in 2011, or $0.80 per share. The new quarterly dividend effective in the first quarter of 2012 equates to an annual cash dividend of $0.88 cents per share, up 10 percent.

“Delivering strong sales and over 20 percent adjusted earnings growth for the year were significant accomplishments given challenging market conditions,” said Randall J. Hogan, Pentair chairman and chief executive officer. “Robust sales in fast growth regions, along with distribution gains and new product introductions drove sales higher. Pricing and productivity discipline enabled another year of margin expansion, and we continued to invest in the innovation, brands and global capabilities that we believe position us well to deliver long-term, sustainable growth.”

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FOURTH QUARTER RESULTS

Total company fourth quarter sales increased 15 percent over the prior year quarter to $866 million, and included 12 percentage points from the CPT acquisition and a minimal negative impact from foreign exchange. Sales in fast growth regions grew 65 percent in the quarter, including a 42 percentage point contribution from the CPT acquisition. Year-over-year sales growth in the quarter included a negative 2 percentage point impact due to sales in 2010 related to the Gulf Intracoastal Waterway (GIWW) project.

The company reported a fourth quarter operating loss of $120 million compared to operating income of $80 million in the prior year quarter. Fourth quarter results included a pre-tax non-cash goodwill impairment charge of $201 million in the Residential Filtration business as a result of the company’s annual impairment analysis of goodwill. The company concluded that due to continued softness in the end-markets served by residential water treatment components, the carrying amount of this business exceeded its fair value. This non-cash charge does not impact the company’s normal business operations or debt covenants.

The company also recorded a pre-tax restructuring charge of $11 million in the fourth quarter as a result of repositioning actions taken to reduce the company’s cost structure and better align around channels and growth platforms. Excluding the impairment and restructuring charges and acquisition related costs, operating income increased 18 percent over the prior year quarter to $94 million and operating margins expanded 30 basis points to 10.9 percent.

“We delivered strong sales and cash flow performance in the fourth quarter,” added Hogan, “despite softness in western European and residential water treatment component sales. While the goodwill impairment charge and restructuring initiatives significantly impacted reported profitability in the quarter, adjusted operating performance was solid as pricing and productivity helped offset inflation and continued global investments.”

FOURTH QUARTER BUSINESS HIGHLIGHTS

Water sales grew 21 percent year-over-year to $608 million in the fourth quarter, with CPT contributing 18 percentage points. Year-over-year sales growth was negatively impacted by approximately 3 percentage points due to sales in 2010 related to the GIWW project. Within the five Water global businesses, the fourth quarter sales performances as compared to the same quarter last year were as follows:

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Water reported a fourth quarter operating loss of $142 million, compared to operating income of $55 million in the same period last year. Excluding the non-cash goodwill impairment charge, restructuring charges and acquisition related costs included in the Water segment, fourth quarter operating income increased 24 percent to $68 million while operating margins expanded 20 basis points to 11.2 percent. The benefits from price and productivity nearly offset the unfavorable impact of inflation and increased investments, while volume growth and the impact of CPT helped drive margins higher.

Technical Products delivered fourth quarter sales of $258 million, an increase of 2 percent versus the fourth quarter of last year.

Technical Products’ fourth quarter reported operating income totaled $40 million, compared to $38 million in the same quarter last year. Excluding the restructuring charges, fourth quarter operating income was $42 million, up 12 percent, and operating margins expanded 140 basis points to 16.4 percent. Pricing and productivity gains more than offset the negative impact from inflation and continued growth investments.

OUTLOOK

Pentair continues to expect full year 2012 EPS to be between $2.60 and $2.75, which represents an increase of approximately 8 to 14 percent from 2011 adjusted EPS of $2.41. The company anticipates full year 2012 sales to be in the range of approximately $3.7 billion to $3.8 billion, or up 7 to 10 percent, which includes an approximate 3 percentage point contribution from the CPT acquisition. The company expects to generate free cash flow of approximately $270 million in 2012.

“As we exit 2011 and look toward this year, we are well positioned for growth,” continued Hogan. “Greater scale in fast-growth regions, more innovative solutions for an expanding customer base and the added technology and application know-how gained with the CPT acquisition position us well for continued success. We expect solid price realization, accelerated productivity and the benefit from repositioning actions to drive margin expansion and profitable growth in 2012.”

First quarter 2012 EPS is expected to be $0.53 to $0.57. This compares to first quarter 2011 reported EPS of $0.51, or $0.52 on an adjusted basis. The company expects first quarter 2012 revenue to be up 13 to 15 percent compared to the same period last year, including the contribution from the CPT acquisition.

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CONFERENCE CALL

Pentair Chairman and CEO Randall J. Hogan and Chief Financial Officer John L. Stauch will discuss the company’s fourth quarter and full year 2011 performance and first quarter and full year 2012 outlook on a two-way conference call with investors at 9 a.m. Eastern today. A live audio webcast of the call, along with the related presentation, can be accessed in the Investors section of the company’s website (www.pentair.com) shortly before the call begins. Reconciliations of non-GAAP financial measures are set forth in the attachments to this release and in the presentation, both of which can be found on Pentair’s web site. The webcast and presentation will be archived at the same site following the conclusion of the event.

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 the company’s ability to successfully and timely integrate and realize the benefits of acquisitions; the magnitude, timing and scope of recovery from the global economic downturn, including the current European Union debt crisis, 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 the company’s 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 2011 revenues of $3.5 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

Betsy Day

Corporate Communications Manager

Tel.: (763) 656-5537

E-mail: betsy.day@pentair.com

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Pentair, Inc. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

Pentair, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

Pentair, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

Pentair, Inc. and Subsidiaries

Supplemental Financial Information by Reportable Business Segment (Unaudited)

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)

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)