Wolverine strengthens ITT's global position while expanding its material science expertise and global growth opportunities
WHITE PLAINS, N.Y., Oct. 5, 2015
– ITT Corporation (NYSE: ITT) announced today that it has completed the previously announced acquisition of Wolverine Automotive Holdings Inc., the parent company of Wolverine Advanced Materials LLC (Wolverine).
Wolverine is a global market leader in developing and manufacturing customized technologies for automotive braking systems and specialized sealing solutions for harsh operating environments across a range of industries. It has a strong reputation for material science-based solutions and meaningful aftermarket content representing approximately 40 percent of revenue. The acquisition will broaden ITT's portfolio for its strategic OEM, brake manufacturer and aftermarket customers and give both companies new opportunities to strengthen design, testing and performance capabilities.
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ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the energy, transportation and industrial markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. Founded in 1920, ITT is headquartered in White Plains, N.Y., with employees in more than 35 countries and sales in a total of approximately 125 countries. The company generated 2014 revenues of $2.7 billion.
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