ITT completes purchase of German pump manufacturer Bornemann PumpsDecember 01, 2012
The ITT Corporation recently completed its acquisition of Borneman Pumps, a German pump company that provides engineered pumps and systems for the oil and gas industry, as well as the industrial food and pharmaceutical sectors. The transaction was valued at $269.2 million.
Denise Ramos, CEO and President of ITT, says the acquisition will further ITT's position as a leader within the oil and gas industry.
“We look forward to unlocking powerful new opportunities to serve customers through expanded global operational and service platforms," she says.
Robert J. Pagano Jr., president of ITT’s Industrial Process business, added that the acquisition represents a significant milestone in the continuing growth of the company's 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," he says. "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."
Headquartered in White Plains, New York, ITT provides engineered critical components to the energy infrastructure, electronics, aerospace and transportation industries. Founded in 1920, ITT has employees in more than 15 countries and sales in more than 125 countries. The company generated $2 billion in revenue last year.