ITT to acquire German pump company, Bornemann PumpsOctober 26, 2012
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 Corporation recently announced it plans acquire Bornemann Pumps, a German company that provides highly engineered pumps and systems for the oil and gas industry. Denise Ramos, ITT's CEO and president, says the addition of Bornemann's positive displacement technology broadens the company's capabilities, and helps position ITT as a leader in this key end market.
Robert J. Pagano Jr., president of ITT's Industrial Process business, says that Bornemann’s twin- screw technology and multiphase applications experience also aligns strategically with ITT's industrial process business, complements our Goulds Pumps brand and expands ITT's presence in upstream oil and gas production.
Founded in 1853, Bornemann Pumps is a global market leader with a strong international installed base of multiphase pumps, twin screw pumps, peristaltic pumps and more. The company also serves the industrial, food and pharmaceutical sectors. The company had estimated 2012 revenues of $148 million and employs more than 550 employees around the world.
The transaction is valued at $266 million. It will be funded from the company's cash and is expected to close in the fourth quarter of 2012.