ITT Corp. has announced its agreement to purchase privately
held Godwin Pumps. Godwin is a leading supplier of automatic self-priming
portable pumps used in the growing markets for drainage pump rental, services
and sales serving the global industrial, construction, mining, municipal, oil
and gas segments.
ITT has agreed to purchase Godwin from its principal
shareholders for $585 million. The transaction is expected to close in the
third quarter of 2010, pending customary regulatory approvals.
“This acquisition is another example of ITT’s strategy to
expand our core businesses and build on our strong global positions in water,
wastewater and industrial process,” says Gretchen McClain, president of ITT’s
Fluid and Motion Control group. “Godwin’s business is a great complement to our
existing fluid technology portfolio, and is expected to establish ITT among the
leaders in the growing and profitable $3 billion global market for dewatering
pumps and rental services.”
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 & Wastewater business.
“The acquisition presents a tremendous opportunity for ITT
to grow its dewatering rental and services business internationally,” says John
Williamson, president of ITT’s Water & Wastewater business. “We already
have a solid history of partnership, with Godwin offering ITT’s electric
submersible pumps since 2003. Adding the specialized products and skills of the
world-class Godwin team to ITT’s broad Flygt and Grindex submersible pump
portfolio and global sales network means our customers will have unsurpassed
access to the broadest dewatering capabilities on the market.”
ITT today sells Flygt and Grindex brand dewatering pumps,
and rents from its fleet of more than 11,000 pumps, through its global sales
and distribution network serving customers in more than 140 countries. ITT’s
Flygt pumps are the original submersible dewatering pumps, invented in 1948.
John
Michael Paz, founder and chief executive officer of Godwin Pumps, sees the
acquisition by ITT as a global expansion opportunity for Godwin’s products and
services. “Over the last 30 years, Godwin employees and our strong distribution
network have built the Godwin brand and reputation, and I am pleased to see
this opportunity for future growth. The combination of these two talented teams
should result in tremendous opportunities for both companies.”
ITT Agrees to Purchase Godwin Pumps
Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!