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ITT to Acquire Blakers Pump Engineers - Strategic acquisition expands ITT’s oil and gas and mining capabilities in Australia and emerging markets (NYSE: ITT) - ITT.com
ITT to Acquire Blakers Pump Engineers

 

PRZOOM - /newswire/ - White Plains, NY, United States, 2011/10/13 - Strategic acquisition expands ITT’s oil and gas and mining capabilities in Australia and emerging markets (NYSE: ITT) - ITT.com. NYSE: ITT

   
 
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ITT Corporation announced today it has signed an agreement to acquire 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 for the chemical, oil and gas, mining, power and general industrial markets.

The acquisition, which is scheduled to close before the end of this year, will strengthen ITT’s presence in Australia, especially in the oil and gas and mining industries. Blakers’ fiscal 2011 revenue was approximately $27 million. 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 service. It has sales, repair and service facilities in Gladstone and Brisbane, Queensland; Sydney, New South Wales; and Melbourne, Victoria.

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 industrial markets, 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.

“This acquisition will further strengthen our strategy of expanding our global presence and allow us to be closer to our customers in the oil and gas and mining markets,” said Robert Pagano Jr., president of ITT’s Industrial Process business unit. “Blakers has been in the business for more than 30 years and has built a strong reputation in Australia as a supplier and service provider of quality process and industrial pumping equipment and solutions.”
About ITT Corporation
ITT Corporation (itt.com) is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company reported 2010 revenue of $11 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, statements about the separation of ITT Corporation (the “Company”) into three independent publicly-traded companies (the “companies”), the terms and the effect of the separation, the nature and impact of such a separation, capitalization of the companies, future strategic plans and other statements that describe the companies’ 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 defense 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 or to refinance our existing indebtedness 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 and pension 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. In addition, there are risks and uncertainties relating to the spinoffs of ITT Exelis and Xylem, including the timing and certainty of the completion of those transactions, whether those transactions will result in any tax liability, the operational and financial profile of ITT or any of its businesses after giving effect to the spinoff transactions, and the ability of each business to operate as an independent entity.

Investor Contact:
Thomas Scalera
P: +1 914 641 2030 / E: thomas.scalera[.]itt.com.

 
 
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ITT to Acquire 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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