ITT buys Godwin Pumps for $585 millionJune 23, 2010
ITT Corporation announced late last month that it plans to buy privately held Godwin Pumps for $585 million. ITT is a high-tech engineering and manufacturing company focused on transporting and treating water and wastewater. Godwin is a supplier of automatic self-priming portable pumps serving the industrial, constructon, mining, municipal, and oil and gas markets.
"This acquisition is another example of ITT's strategy to expand our core businesses and build our strong positions in water, wastewater and industrial process," said Gretchen McClain, president of ITT's Fluid and Motion Control group. "Godwin's business is a great complement to our existing fluid technology portfolio, and is expected to establish ITT among the leaders in the growing and profitable $3 billion global market for dewatering pumps and rental services."
New Jersey-based Godwin employs 800 people in the U.S. and at its manufacturing facility in England. The company operates a U.S. rental fleet of more than 6,000 pumps at 26 rental facilities, according to a news release from ITT. Godwin's estimated revenue for 2010 is $235 million.
ITT anticipates that acquiring Godwin will double its revenues gleaned from dewatering and equipment services.
“The acquisition presents a tremendous opportunity for ITT to grow its dewatering rental and services business internationally,” said John Williamson, president of ITT’s Water & Wastewater business. “We already have a solid history of partnership, with Godwin offering ITT’s electric submersible pumps since 2003. Adding the specialized products and skills of the world-class Godwin team to ITT’s broad Flygt and Grindex submersible pump portfolio and global sales network means our customers will have unsurpassed access to the broadest dewatering capabilities on the market.”
John Michael Paz, founder and chief executive officer of Godwin Pumps, sees the acquisition by ITT as a global expansion opportunity for Godwin’s products and services.
“Over the last 30 years, Godwin employees and our strong distribution network have built the Godwin brand and reputation, and I am pleased to see this opportunity for future growth. The combination of these two talented teams should result in tremendous opportunities for both companies," he said.