Disposition includes Burny, Kaliburn and Cleveland Motion Controls brands
ITT Corporation (NYSE: ITT) announced today the sale of its shape cutting product lines, including the Burny and Kaliburn brands, to Lincoln Electric Holdings, Inc. (Nasdaq: LECO), a global manufacturer of welding, cutting and joining products headquartered in Cleveland, Ohio. The sale also includes web tension control products and custom engineered systems sold under the Cleveland Motion Controls brand.
Terms of the transaction were not disclosed.
“This disposition is in line with ITT Corporation’s efforts to shape our portfolio after the spin-offs of our water and defense businesses one year ago,” said Denise Ramos, chief executive officer and president of ITT Corporation.
The product lines that are part of today’s disposition generated revenue of $35 million in 2011 with approximately 140 employees globally. These products were previously part of ITT’s Control Technologies segment, located primarily in Ladson, South Carolina.
“This is an outstanding team of people, managing powerful brands in the markets they serve,” said Munish Nanda, president of ITT’s Control Technologies business. “However, as part of ITT’s overall strategic portfolio shaping effort, we determined that while these product lines are well-positioned within their markets, they were not aligned with the future focus of the Control Technologies business on aerospace, energy absorption and precision motion control applications. We believe that their acquisition by Lincoln Electric will provide new opportunities for them, as well as greater value creation within Control Technologies.”