ITT Corporation has announced that it has signed an agreement to acquire Joh. Heinr. Bornemann GmbH (Bornemann Pumps), a leading global provider of highly engineered pumps and systems for the oil and gas industry that is known for its leading edge technologies.
“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 chief executive officer and president of ITT, Denise Ramos. “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.”
The transaction is valued at €206 million. Bornemann Pumps is headquartered in Germany and is a global market leader with a strong international installed base of multiphase pumping systems for the oil and gas market.
“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 president of ITT’s Industrial Process business, Robert J. Pagano Jr. “The acquisition would also bring together two companies with strong aftermarket and emerging market focus, as well as management teams and employees with shared values and a commitment to quality, performance and customer satisfaction. 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.”
