ITT to purchase Godwin Pumps

ITT Corporation, the global high-technology engineering and manufacturing company and a leader in the transport and treatment of water and waste water, have agreed to purchase privately held Godwin Pumps – a leading US-based supplier of automatic self-priming portable pumps – for $585 million. The transaction is expected to close in the third quarter of 2010, subject regulatory approvals.

Based in Bridgeport, New Jersey, Godwin Pumps were founded in 1976 and currently have around 800 employees located throughout the US and at their manufacturing facility in Gloucestershire, England. The company is best known for its service capabilities in dewatering 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.

The company operates a US rental fleet of more than 6,000 pumps at 26 equipment rental facilities and has a network of approximately 50 distributors worldwide. In 2009 Godwin’s 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 acquisition is expected to double ITT’s revenues from dewatering equipment and services.

‘The acquisition presents a tremendous opportunity for ITT to grow its dewatering rental and services business internationally,’ said 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.’