ITT Corporation to buy Godwin Pumps for $585 million

US-based diversified manufacturer ITT Corporation, a leader in the transport and treatment of water and wastewater, said yesterday that it was acquiring Godwin Pumps, a supplier of automatic draining portable pumps, for $585 million.

New York-based ITT is the world's largest supplier of pumps and systems to transport, treat and control water, and other fluids and is also one of the 10 largest US defence contractors providing defence and security systems.

It's water and wastewater business accounted for $1.6 billion of the company's total revenues of $10.9 billion last year.

Godwin, a privately-held company, 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.

Founded in 1976 and based in Bridgeport, New Jersey, Godwin has approximately 800 employees located throughout the US and at its manufacturing facility in Gloucestershire, England.

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 $200 million, with full-year 2010 revenue projected to be about $235 million.