WHITE PLAINS, N.Y. — ITT Corporation has signed an agreement to acquire Joh. Heinr. Bornemann GmbH (Bornemann Pumps), provider of highly engineered pumps and systems for the oil and gas industry.
“Bornemann’s twin-screw technology and multiphase applications experience would align strategically with the Industrial Process business, complement our Goulds Pumps brand and expand ITT''s presence in upstream oil and gas production, Robert J. Pagano Jr., president of ITT''s Industrial Process business.
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Headquartered in Germany, Bornemann Pumps is said to have a strong international installed base of multiphase pumping systems for the oil and gas market. The company also serves the industrial, food and pharmaceutical sectors. Founded in 1853, Bornemann has a solid record of growth with estimated fiscal 2012 revenue of €115 million and employs more than 550 employees globally.
The transaction, valued at €206 million, would be funded from the company''s cash and is expected to close in the fourth quarter of 2012, subject to customary closing conditions, including appropriate regulatory approvals.