Pump giants get bigger
15 Jan 2000
At a cost of around £510million ($815million) in cash, ITT Industries has agreed to acquire Goulds Pumps. Subject to approval under the US antitrust and competition laws, the buy-out will `create the world's largest pump producer and contribute significant efficiencies for both growth and cost improvement', according to Travis Engen, ITT Industries' president and ceo.
`This is a superb fit,' he commented. `The products complement each other perfectly. Goulds is one of the leading pump producers for the industrial sector, while ITT is a world leader in submersible pumps for municipal water treatment worldwide. In addition, there are important geographic efficiencies, especially in the some of the world's fastest growing markets.' ITT's brand names include Flygt, Bell & Gossett, A-C Pumps, and Jabsco.
