ITT to acquire Laing GmbH, broadening portfolio of energy-efficient plumbing and HVAC pumps
WHITE PLAINS, N.Y. – April 16, 2009 – ITT Corporation (NYSE: ITT) 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, ITT’s President of 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 value center.
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-Lowara (www.lowara.com), headquarters of “Residential and Commercial Water – EMEA” part of the ITT Corporation and located in Montecchio Maggiore, Vicenza – Italy, is a leading manufacturer of hydraulic pumps and water handling and control systems. It has 1.616 employees in Europe, 671 operating in Italy. In 2010 its consolidated sales totalled about 306 million €, or over 404 million $.
ITT Corporation (www.itt.com) 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 generated 2010 revenue of $11.0 billion.