ITT agreed to acquire Joh. Heinr. Bornemann GmbH (Bornemann Pumps), a leading global provider of highly engineered pumps and systems for the oil and gas industry.
“The acquisition of Bornemann Pumps would unlock powerful new opportunities for
ITT to expand into new markets within the global oil and gas industry,” said Denise
Ramos, chief executive officer and president. “The addition of Bornemann’s
positive displacement technology would broaden our capabilities, while further
positioning ITT as a leader in this key-end market and enhancing our ability to
serve customers through expanded global operational and service platforms.”
Headquartered in Germany, Bornemann Pumps makes multiphase pumping systems for
the oil and gas market. The company also serves the industrial, food and
pharmaceutical sectors. Founded in 1853, Bornemann employs more than 550
employees globally and has a solid record of growth with estimated fiscal 2012
revenue of €115 million.
“Bornemann’s twin-screw technology and multiphase applications experience would
align strategically with the Industrial Process business, complement our Goulds
Pumps brand, and expand ITT’s presence in upstream oil and gas production,”
said Robert Pagano, Jr., president of ITT’s Industrial Process business.
“We look forward to the opportunity to continue to build on the foundation
Bornemann has established and to being a part of the Obernkirchen community,”
The transaction, valued at €206 million, would be funded from the company’s
cash and is expected to close in the fourth quarter of 2012.
ITT to Acquire Bornemann Pumps
October 22, 2012