Diversified manufacturer ITT Corp., White Plains, NY, has signed an agreement to purchase privately held Godwin Pumps, Bridgeport, NJ, for $585 million to expand its footprint in the global market for dewatering pumps and the rental market. Godwin is a leading supplier of automatic self-priming portable pumps used for drainage pump rental, services and sales serving the global industrial, construction, mining, municipal, oil and gas segments.
ITT said the deal is expected to boost per-share profit in 2011 but will likely dilute 2010 earnings by 3 to 5 cents a share, reflecting accounting treatment and transaction fees. The transaction expected to close in the third quarter of 2010.
Godwin Pumps, founded in 1976, has about 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 about 50 distributors worldwide. Godwin’s 2009 revenues were about $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 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.
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 based on its original submersible dewatering pumps, invented in 1948. www.itt.com/investors