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October 15, 2012
ITT to acquire Bornemann Pumps
ITT Corp. (White Plains, N.Y.; www.itt.com
) announced today it has signed an agreement to acquire Joh. Heinr. Bornemann GmbH (Bornemann Pumps; Obernkirchen, Germany; www.bornemann.com
), a leading global provider of highly engineered pumps and systems for the oil and gas industry.
"The acquisition of Bornemann Pumps would unlock powerful new opportunities for ITT to expand into new markets within the global oil and gas industry," said Denise Ramos, chief executive officer and president. "The addition of Bornemann's positive displacement technology would broaden our capabilities while further positioning ITT as a leader in this key end market and enhancing our ability to serve customers through expanded global operational and service platforms."
Robert J. Pagano Jr., president of ITT's Industrial Process business, said, "Bornemann's twin-screw technology and multiphase applications experience would align strategically with the Industrial Process business, complement our Goulds Pumps brand and expand ITT's presence in upstream oil and gas production.
Headquartered in Germany, Bornemann Pumps is a global market leader with a strong international installed base of multiphase pumping systems for the oil and gas market. The company also serves the industrial, food and pharmaceutical sectors. Founded in 1853, Bornemann has a solid record of growth with estimated fiscal 2012 revenue of €115 million and employs more than 550 employees globally.
The transaction, valued at €206 million, would be funded from the company's cash and is expected to close in the fourth quarter of 2012, subject to customary closing conditions, including appropriate regulatory approvals.