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ITT Completes Acquisition of Blakers Pump Engineers - Strategic acquisition expands ITT’s oil and gas and mining capabilities in Australia (NYSE: ITT) - ITT.com
ITT Completes Acquisition of Blakers Pump Engineers

 

PRZOOM - /newswire/ - White Plains, NY, United States, 2011/11/01 - Strategic acquisition expands ITT’s oil and gas and mining capabilities in Australia (NYSE: ITT) - ITT.com. NYSE: ITT

   
 
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ITT Corporation announced today it has completed its acquisition of Blakers Pump Engineers (Blakers), a long-time distributor of ITT’s Goulds Pumps brand in Australia. Goulds Pumps is a leading brand of industrial pumps in the chemical, oil and gas, mining, power and general industries.

The acquisition will strengthen ITT’s presence and capabilities in Australia especially in the oil and gas and mining industries. Terms of the agreement are not being disclosed.

Headquartered in Perth, Western Australia, Blakers supplies process and industrial quality pumping equipment and provides technical and after sales services. It has sales, repair and service facilities in Gladstone and Brisbane, Queensland; Sydney, New South Wales; and Melbourne, Victoria.

In business for more than 30 years, Blakers packages, tests, commissions and services Goulds Pumps’ complete range of horizontal and vertical heavy-duty centrifugal pumps for the oil and gas, mining, chemical, refining, water treatment, pulp and paper, and general industries including ANSI and API 610 specifications in the Australian market. The company also distributes ITT’s C’treat reverse osmosis watermakers to provide fresh water supply to offshore platforms. Blakers also distributes a broad portfolio of premium industrial products to support the oil and gas industry. Blakers’ fiscal 2011 revenue was approximately $27 million.

About ITT
ITT (itt.com) is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for growing industrial end-markets in energy infrastructure, electronics, aerospace and transportation. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. Founded in 1920, ITT is headquartered in White Plains, N.Y., with employees in more than 15 countries and sales in more than 125 countries. The company generated pro forma 2010 revenues of approximately $2 billion.

Safe Harbor Statement
Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, the terms and the effect of the separation of ITT Corporation into three independent publicly traded companies, the nature and impact of such a separation, capitalization of the company, future strategic plans and other statements that describe the company’s business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. Whenever used, words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target" and other terms of similar meaning are intended to identify such forward-looking statements. Forward-looking statements are uncertain and to some extent unpredictable, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in, or reasonably inferred from, such forward-looking statements. Factors that could cause results to differ materially from those anticipated include, but are not limited to: economic, political and social conditions in the countries in which we conduct our businesses; changes in U.S. or International government budgets; decline in consumer spending; sales and revenues mix and pricing levels; availability of adequate labor, commodities, supplies and raw materials; interest and foreign currency exchange rate fluctuations and changes in local government regulations; competition, industry capacity and production rates; ability of third parties, including our commercial partners, counterparties, financial institutions and insurers, to comply with their commitments to us; our ability to borrow and availability of liquidity sufficient to meet our needs; changes in the value of goodwill or intangible assets; our ability to achieve stated synergies or cost savings from acquisitions or divestitures; the number of personal injury claims filed against the companies or the degree of liability; uncertainties with respect to our estimation of asbestos liability exposures, third-party recoveries and net cash flow; our ability to effect restructuring and cost reduction programs and realize savings from such actions; government regulations and compliance therewith, including Dodd-Frank legislation; changes in technology; intellectual property matters; governmental investigations; potential future employee benefit plan contributions and other employment matters; contingencies related to actual or alleged environmental contamination, claims and concerns; changes in generally accepted accounting principles; and other factors set forth in our Annual Report on Form 10−K for the fiscal year ended December 31, 2010 and our other filings with the Securities and Exchange Commission.

Investor Contact
Melissa Trombetta
P: +1 914 641 2032 / E: melissa.trombetta[.]itt.com.

 
 
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ITT Completes Acquisition of Blakers Pump Engineers

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ITT Corporation |
Contact: Margaret Gan - ITT.com 
315-568-7124 margaret.gan[.]itt.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any ITT Night Vision and Imaging securities in any jurisdiction including any other companies listed or named in this release.

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