WHITE PLAINS, NY, Apr. 16, 2009 -- ITT Corporation announced it has signed a definitive agreement to acquire Laing GmbH of Germany, a privately held leading producer of energy-efficient circulator pumps primarily used in residential and commercial plumbing and heating, ventilating and air conditioning (HVAC) systems. Once completed, the acquisition will significantly broaden ITT's offering and will reflect the company's continued strategic focus on satisfying the market's growing demand for energy efficiency and lower life-cycle costs.
"The addition of Laing's energy-efficient circulators to ITT's product portfolio significantly expands our offering to customers in the HVAC industry," said Gretchen McClain, president of ITT's Fluid and Motion Control business. "Upon completion of the acquisition, ITT will be able to offer customers a comprehensive range of high-performance and 'green' pump technology and products that meet more stringent energy standards."
"The combination of Laing with ITT's building services business is a logical step in our evolution," said Oliver Laing, chief executive officer of Laing. "The strength of ITT's brands and their commitment to leading-edge technology means that we will have even more resources to develop new and innovative products for our customers, and expand our global reach."
"Laing's energy-efficient A-class circulator pumps are an ideal match for our own HVAC products for the building services market, particularly with our Lowara and Flygt brands in Europe and Bell & Gossett in the Americas," said Ken Napolitano, president of ITT's Residential and Commercial Water business.
European Union rules are expected to soon require the rating of circulators in an effort to save energy. A-class rated circulators, such as those that will be offered by ITT upon completion of the acquisition of Laing, provide another energy-efficient solution for residential buildings.
Laing is headquartered in Remseck, Germany, with operations in Germany, Hungary, the United States and Japan. The company employs approximately 500 people worldwide and generated 2008 global revenues of €30 million ($40 million U.S.). Upon completion of the acquisition, Laing will be fully integrated into ITT's Residential and Commercial Water business.
Financial terms of the transaction were not disclosed. The company expects to complete the transaction during the second quarter, pending regulatory approval and customary closing conditions.
ITT Residential & Commercial Water is a leading, global manufacturer of water and wastewater pumps, valves, heat exchangers, controls, and package solutions for homes, buildings, agriculture, and irrigation. Headquartered in Morton Grove, Illinois, R&CW includes such leading product brands as Bell & Gossett®, McDonnell & Miller®, Goulds Pumps®, Lowara® and A-C Fire Pump®.
ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control.
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