ITT To Acquire Bornemann Pumps
Monday, October 15, 2012
ITT Corp. signed an agreement to acquire Joh Heinr Bornemann GmbH (Bornemann Pumps), a global provider of pumps and systems for the oil and gas industry.
Bornemann’s twin-screw technology and multiphase applications experience will aid ITT’s Industrial Process business, as well as complement its Goulds Pump brand, said Robert Pagano, Jr., president of ITT’s Industrial Process business.
Headquartered in Germany, Bornemann Pumps, founded in 1853, employs more than 550 employees and also serves the industrial, food and pharmaceutical sectors.
The €206 million transaction will be funded from the company’s cash and is expected to close in the fourth quarter of this year.
For more information: www.itt.com