ITT to buy German pump maker for $267 million
NEW YORK (AP) — Industrial parts supplier ITT Corp. said Monday it has signed an agreement to buy Bornemann Pumps, a German company that makes pump systems for the oil and gas industry.
ITT said the deal is worth about $267 million, but it didn't specify whether that figure includes debt. It said the deal will allow it to expand its business into new markets within the global energy industry.
Bornemann was founded in 1853, has 550 employees worldwide and posted fiscal 2012 revenue of about $149 million.
ITT expects the deal to close before the end of the year, pending regulatory approval.
Shares of ITT rose 31 cents to $20.86 in morning trading.