WHITE PLAINS, NY, and YELLOW SPRINGS, OH, July 11, 2011 -- ITT Corporation has inked an agreement to acquire, via merger, YSI Incorporated. YSI is a leading developer and manufacturer of sensors, instruments, software, and data collection platforms for environmental water monitoring. The financial terms of the agreement were not disclosed.
Completion of the acquisition is expected in the third quarter 2011, pending customary closing conditions and approval from YSI's shareholders.
"The addition of YSI is the next logical step in our strategy to acquire attractive companies whose businesses complement our existing water portfolio," said Gretchen McClain, president of ITT's Fluid and Motion Control business, and future chief executive officer of the new standalone water company that will separate from ITT later this year. "We see very compelling growth characteristics in the analytical instrumentation market. As we move toward the formation of our new water company, the addition of YSI further builds on our attractive analytics business and our commitment to provide the best solutions to the challenges our customers face across the water industry."
ITT's analytics business is a leading manufacturer of premium field, portable, laboratory and online analytical instruments used in water and wastewater, environmental, medical, and food and beverage applications. The company's analytics products are sold under the brands WTW, SI Analytics, OI Analytical, Royce Technologies, Aanderaa Data Instruments (AADI), Global Water Instrumentation, ebro and Bellingham & Stanley.
"The opportunity to add a company with the brand recognition and reach of YSI not only strengthens our Analytics portfolio, but also gives us a great opportunity to globally expand our entire existing brand offering," said Chris McIntire, president of ITT Analytics.
YSI had 2010 global revenues of $101 million and employs 390 people at several facilities in the U.S., Europe and Asia.