Strategic acquisition expands ITT’s oil and gas and mining capabilities in Australia and emerging markets
WHITE PLAINS, N.Y., Oct 13, 2011 — ITT Corporation (NYSE: ITT) announced today it has signed an agreement to acquire Blakers Pump Engineers (Blakers), a long-time distributor of ITT’s Goulds Pumps brand in Australia. Goulds Pumps is a leading brand of industrial pumps for the chemical, oil and gas, mining, power and general industrial markets.
The acquisition, which is scheduled to close before the end of this year, will strengthen ITT’s presence in Australia, especially in the oil and gas and mining industries. Blakers’ fiscal 2011 revenue was approximately $27 million. Terms of the agreement are not being disclosed.
Headquartered in Perth, Western Australia, Blakers supplies process and industrial-quality pumping equipment and provides technical and after sales service. It has sales, repair and service facilities in Gladstone and Brisbane, Queensland; Sydney, New South Wales; and Melbourne, Victoria.
Blakers packages, tests, commissions and services Goulds Pumps’ complete range of horizontal and vertical heavy-duty centrifugal pumps for the oil and gas, mining, chemical, refining, water treatment, pulp and paper, and general industrial markets, including ANSI and API 610 specifications in the Australian market. The company also distributes ITT’s C’treat reverse osmosis watermakers to provide fresh water supply to offshore platforms. Blakers also distributes a broad portfolio of premium industrial products to support the oil and gas industry.
“This acquisition will further strengthen our strategy of expanding our global presence and allow us to be closer to our customers in the oil and gas and mining markets,” said Robert Pagano Jr., president of ITT’s Industrial Process business unit. “Blakers has been in the business for more than 30 years and has built a strong reputation in Australia as a supplier and service provider of quality process and industrial pumping equipment and solutions.”
About ITT Corporation
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. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company reported 2010 revenue of $11 billion. www.itt.com
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