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ITT Completes Acquisition of Godwin Pumps - Creates A Leading Position in the Growing Market for Dewatering Pumps and Services - ITT Corporation (NYSE: ITT), said today that it has finalized the acquisition of Godwin Pumps, as first announced on June 21
ITT Completes Acquisition of Godwin Pumps - Creates A Leading Position in the Growing Market for Dewatering Pumps and Services

 

NewswireToday - /newswire/ - White Plains, NY, United States, 2010/08/03 - ITT Corporation (NYSE: ITT), said today that it has finalized the acquisition of Godwin Pumps, as first announced on June 21. NYSE: ITT

   
 
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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.

Safe Harbor Statement
Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 (the "Act"). These forward-looking statements include statements that describe the Company's business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. Whenever used, words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target" and other terms of similar meaning are intended to identify such forward-looking statements. Forward-looking statements are uncertain and to some extent unpredictable, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in, or implied from, such forward-looking statements. Factors that could cause results to differ materially from those anticipated include: Economic, political and social conditions in the countries in which we conduct our businesses; Changes in government defense budgets; Decline in consumer spending; Sales and revenues mix and pricing levels; Availability of adequate labor, commodities, supplies and raw materials; Interest and foreign currency exchange rate fluctuations; Competition and industry capacity and production rates; Ability of third parties, including our commercial partners, counterparties, financial institutions and insurers, to comply with their commitments to us; Our ability to borrow or refinance our existing indebtedness and availability of liquidity sufficient to meet our needs; Acquisitions or divestitures; Personal injury claims; Uncertainties with respect to our estimation of asbestos liability exposure and related insurance recoveries; Our ability to effect restructuring and cost reduction programs and realize savings from such actions; Government regulations and compliance therewith; Changes in technology; Intellectual property matters; Governmental investigations; Potential future employee benefit plan contributions and other employment and pension matters; Contingencies related to actual or alleged environmental contamination, claims and concerns; Changes in generally accepted accounting principles; Other factors set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and our other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact: Thomas Scalera / T: +1 914 641 2030 / E: thomas.scalera[.]itt.com.

 
 
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Written by / Agency / Source: ITT Night Vision and Imaging

 
 

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ITT Completes Acquisition of Godwin Pumps - Creates A Leading Position in the Growing Market for Dewatering Pumps and Services

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ITT Press |
Publisher Contact: Tom Glover - ITT.com 
914-304-1798 tom.glover[.]itt.com
 
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