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 industry.
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 ITT.
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, 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 production.
"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.