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ITT Completes Acquisition of Bornemann Pumps - Strategic acquisition expands ITT’s portfolio of highly engineered pumps, systems and aftermarket capabilities for global oil and gas and other attractive end markets - ITT.com
ITT Completes Acquisition of Bornemann Pumps

 

PRZOOM - /newswire/ - White Plains, NY, United States, 2012/11/28 - Strategic acquisition expands ITT’s portfolio of highly engineered pumps, systems and aftermarket capabilities for global oil and gas and other attractive end markets - ITT.com. NYSE: ITT

   
 
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ITT Corporation announced today it has completed the acquisition of Joh. Heinr. Bornemann GmbH (Bornemann Pumps), a leading global provider of highly engineered pumps and systems for the oil and gas industry, as well as the industrial, food and pharmaceutical sectors.

“Our acquisition of Bornemann Pumps and its leading edge technologies will further position ITT as a leader within the global oil and gas industry,” said Denise Ramos, chief executive officer and president. “We look forward to unlocking powerful new opportunities to serve customers through expanded global operational and service platforms.”

Robert J. Pagano Jr., president of ITT’s Industrial Process business, said,“The acquisition of Bornemann Pumps represents a significant milestone in the continuing growth of our business. Their twin-screw technology and multiphase applications expertise align strategically with the Industrial Process business, complement our Goulds Pumps brand and expand ITT’s presence in global oil and gas markets. We are also excited by the advantages we will gain by bringing together two teams with shared values and a commitment to quality, performance and customer satisfaction.”

The transaction was valued at €206 million. Additional information related to the acquisition is available on ITT’s website at itt.com/IR.

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 2011 revenues of approximately $2 billion.

 
 
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Agency / Source: ITT Night Vision and Imaging

 
 

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ITT Completes Acquisition of Bornemann Pumps

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ITT Corporation |
Contact: Kathleen Bark / Melissa Trombetta - ITT.com 
914-641-2103 / 914-641-2030 kathleen.bark[.]itt.com / melissa.trombetta[.]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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