ITT Corp. on Monday signed an agreement to acquire
Germany-based Bornemann Pumps, a global provider of
highly-engineered pumps and systems for the oil and gas
The company is known for its leading-edge technologies,
according to ITT Officials.
"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, CEO of
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
Robert J. Pagano, president of ITT's industrial process
business, added: 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
"The acquisition would also bring together two companies
with strong aftermarket and emerging market focus.
Headquartered in Germany, Bornemann Pumps has a strong
international-installed base of multi-phase pumping systems,
according to ITT officials. The company also serves the
industrial, food and pharmaceutical sectors.
The deal, valued at 206 million, would be funded from
ITTs cash and is expected to close in the fourth quarter
of 2012, subject to customary closing conditions, including
appropriate regulatory approvals.