The transaction, which is subject to normal closing conditions, is expected to be completed in the third quarter, when IMC will become part of ITT’s Motion & Flow Control Division.
IMC is divided into four operating groups which include Automation, Controls, Energy Absorption and Distribution. Each of the groups offers an array of complimentary hydraulic, pneumatic and electrical/electronic products .
IMC’s manufacturing facilities are located throughout the US, Germany, UK, France, Japan, Korea and China; the company also has an extensive global distribution network. IMC has 1,000 plus employees worldwide, with 360 located in Western New York.
While the impact of the transaction is projected to be slightly dilutive to ITT’s earnings per share in 2007, the company continues to expect 2007 EPS to be in the range of $3.44 to $3.50. The transaction is expected to be accretive to ITT’s earnings in 2008.