ITT to Acquire Bornemann Pumps
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,” Pagano said.
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.
“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,” Pagano said.
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.
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