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ITT To Buy Godwin Pumps in $585 Million Deal
ITT Corporation announced June 21 that it intends to buy Godwin Pumps for $585 million. The deal brings the world's largest manufacturer of submersible pumps together with the largest producer of diesel-driven dry install pumps, and the combined organization is expected to become the largest company providing drainage pumps serving the global industrial, construction, mining, municipal, oil and gas segments.
The transaction is expected to close in the third quarter of 2010, pending customary regulatory approvals.
"This acquisition is another example of ITT's strategy to expand our core businesses and build on our strong global positions in water, wastewater and industrial process," said Gretchen McClain, president of ITT's Fluid and Motion Control group. "Godwin's business is a great complement to our existing fluid technology portfolio, and is expected to establish ITT among the leaders in the growing and profitable $3 billion global market for dewatering pumps and rental services."
Godwin Pumps, founded in 1976, is based in Bridgeport, N.J. and has approximately 800 employees located throughout the United States and at its manufacturing facility in Gloucestershire, England. The company operates 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. When combined with ITT's existing dewatering sales, the Godwin acquisition is expected to double ITT's revenues from dewatering equipment and services.
John Michael Paz, founder and chief executive officer of Godwin Pumps, sees the acquisition by ITT as a global expansion opportunity for Godwin's products and services. "Over the last 30 years, Godwin employees and our strong distribution network have built the Godwin brand and reputation, and I am pleased to see this opportunity for future growth. The combination of these two talented teams should result in tremendous opportunities for both companies."
Godwin is best known for its service capabilities in dewatering and the original Dri-Prime pump, an automatic self-priming centrifugal pump range capable of handling industrial sludges, oil, sewage, storm water, mine dewatering and other pumping needs. At the close of the acquisition, Godwin will become part of ITT's $1.6 billion water and wastewater business.