NewswireToday - /newswire/ -
White Plains, NY, United States, 2010/11/15 - ITT Corporation (NYSE: ITT) announced that it has completed its previously announced acquisition of O.I. Corporation, "OI," for approximately $29 million. NYSE: ITT
OI is a leading provider of innovative instrumentation for laboratory and environmental testing in the pharmaceutical, petrochemical, power and industrial markets. The company's portfolio will enhance ITT's Analytics business, which was formed earlier this year with the acquisition of Nova Analytics.
"The addition of OI to our existing portfolio supports our strategy to acquire attractive companies to grow our presence in the $6 billion global analytical instrumentation market," said Chris McIntire, president of ITT Analytics. "Combining OI with our own product offering allows us to expand our technical expertise to serve our instrumentation customers, and will enable us to better serve our global customers."
OI was founded in 1963, and specializes in innovative total organic carbon (TOC) analyzers and gas-chromatography related instrumentation, as well as consumables and services. OI reported 2009 revenues of $20 million. Its products are sold worldwide by direct sales, independent representatives, and distributors.
About ITT Analytics
ITT Analytics (ittanalytics.com) is a leading manufacturer of premium field, portable, laboratory and online analytical instruments used in water and wastewater, environmental, medical, and food and beverage applications. The company's meters, sensors, analyzers and related consumables are used every day by thousands of end-users worldwide to analyze and control quality in countless industrial applications where precise measurement is required. ITT Analytics' products are sold under the globally recognized brands WTW, SI Analytics, Royce Technologies, Aanderaa Data Instruments, Global Water Instrumentation, ebro and Bellingham & Stanley.
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.
Investor Contact: Thomas Scalera / T: +1 914 641 2030 / E: thomas.scalera[.]itt.com.