ITT Corp. announced its agreement to purchase privately held Godwin Pumps, a supplier of automatic self-priming portable pumps, from its principal shareholders for $585 million. The transaction is expected to close in the third quarter of 2010, pending customary regulatory approvals.
Godwin Pumps, founded in 1976, is based in Bridgeport, N.J., and has approximately 800 employees located throughout the United States and at its manufacturing facility in Gloucestershire, England. The company operates a U.S. rental fleet of more than 6,000 pumps at 26 equipment rental facilities and a network of approximately 50 distributors worldwide. Godwin’s 2009 revenues were approximately $200 million, with full-year 2010 revenue projected to be about $235 million. When combined with ITT’s existing dewatering sales, the Godwin acquisition is expected to double ITT’s revenues from dewatering equipment and services.
Godwin is best known for its service capabilities in dewatering (the removal of unwanted water and other fluids) and the original Dri-Prime pump, an automatic self-priming centrifugal pump range capable of handling industrial sludges, oil, sewage, storm water, mine dewatering and other pumping needs. Upon closing of the acquisition, Godwin will become part of ITT’s $1.6 billion water and wastewater business.
Source: ITT Corp.
