ITT agreed to purchase Godwin from its principal shareholders for $585m (£393m). The transaction is expected to close in the third quarter of 2010, pending customary regulatory approvals.
’Godwin’s business is a complement to our existing fluid technology portfolio and is expected to establish ITT among the leaders in the growing $3bn global market for dewatering pumps and rental services,’ said Gretchen McClain, president of ITT’s Fluid and Motion Control group.
Godwin Pumps, founded in 1976, is based in Bridgeport, New Jersey, and has approximately 800 employees located throughout the US and at a manufacturing facility in Gloucestershire.
The company operates a US 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 $200m, with full-year 2010 revenue projected to be about $235m.
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.
When combined with ITT’s existing dewatering sales, the Godwin acquisition is expected to double ITT’s revenues from dewatering equipment and services.
Godwin will become part of ITT’s $1.6bn Water & Wastewater business.