ITT Corporation, a global high-technology engineering and manufacturing company and a leader in the transport and treatment of water and wastewater, said today that it has finalized the acquisition of Godwin Pumps, as first announced on June 21, 2010. Godwin is a leading supplier of automatic self-priming portable pumps used in the growing markets for drainage pump rental, services and sales serving the global industrial, construction, mining, municipal, oil and gas segments.
"Combining the Godwin team with our own creates a leading offering in dewatering pumps and services, and fits well with our strategy to build on our strong global positions in water and wastewater management," said Gretchen McClain, president of ITT's Fluid and Motion Control group. "Adding the specialized products and skills of the world-class Godwin team to our broad Flygt and Grindex submersible pump portfolio and ITT global sales network means our customers will have access to one of the broadest dewatering capabilities on the market."
Godwin Pumps employs approximately 850 employees located throughout the United States and at its manufacturing facility in Gloucestershire, England. It brings to ITT a U.S. rental fleet of more than 6,000 pumps at 26 equipment rental facilities and a network of approximately 50 distributors worldwide. Godwin's 2009 revenues were approximately $200 million, with full-year 2010 revenue projected to be about $235 million. The business will operate within ITT's Water & Wastewater business.
About ITT's Water & Wastewater business
ITT's Water & Wastewater business (ittwww.com) is a global provider of water handling and treatment solutions for municipal and industrial customers in more than 140 countries. ITT designs and delivers energy-efficient solutions and related services for water and wastewater transport, biological treatment, filtration and disinfection. The Water & Wastewater business includes the Flygt, Wedeco, Sanitaire and Leopold product brands and is based in Stockholm, Sweden.
About ITT Corporation
ITT Corporation (itt.com) is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company reported 2009 revenue of $10.9 billion.
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Investor Contact: Thomas Scalera / T: +1 914 641 2030 / E: thomas.scalera[.]itt.com.