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WHITE PLAINS, N.Y. — ITT Corp. has signed an agreement to acquire Joh. Heinr. Bornemann GmbH (Bornemann Pumps), a German manufacturer of pumps and systems for the oil and gas, food and pharmaceutical industries.
The transaction is valued at EUR 206 million.
"The acquisition of Bornemann Pumps would unlock powerful new opportunities for ITT to expand into new markets within the global oil and gas industry," said Denise Ramos, chief executive officer and president. "The addition of Bornemann''s positive displacement technology would broaden our capabilities while further positioning ITT as a leader in this key end market and enhancing our ability to serve customers through expanded global operational and service platforms."