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ITT Completes Purchase of Godwin Pumps

Wed, 08/04/2010 - 7:30am

WHITE PLAINS, N.Y. (AP) — Defense contractor ITT Corp. said Tuesday that it finalized a $585 million acquisition of Godwin Pumps.

The deal was announced June 21, the company said in a statement. It did not include financial terms.

Godwin Pumps' automatic portable pumps are used in the drainage pump rental industry. Its total revenue is expected to reach $235 million this year, compared with about $200 million last year.

The company has a U.S. rental fleet of more than 6,000 pumps at 26 equipment rental facilities and a global network of about 50 distributors, ITT said in a release.

Godwin has about 850 employees in the United States and at its manufacturing facility in England. It will be folded into ITT's Water & Wastewater business, which provides water handling and treatment solutions to municipal and industrial customers.

Shares of ITT Corp. were down 44 cents to $46.47 in afternoon trading.

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