ITT Completes Purchase of Godwin Pumps
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.