ITT buys German pump maker for $264-million
The move increases ITT's focus on the oil and gas sector
WHITE PLAINS, N.Y.—Industrial components manufacturer ITT Corp. has acquired Bornemann Pumps for €206 million (CAN$264 million)
Based in Germany, Bornemann makes highly engineered pumps and systems for the oil and gas industry, as well as the industrial, food and pharmaceutical sectors.
“Our acquisition of Bornemann Pumps and its leading edge technologies will further position ITT as a leader within the global oil and gas industry,” said Denise Ramos, CEO and president.
“[Bornemann’s] twin-screw technology and multiphase applications expertise align strategically with our Industrial Process business, complement our Goulds Pumps brand and expand ITT’s presence in global oil and gas markets,” said Robert J. Pagano Jr., president of ITT’s Industrial Process business.