COMPANY NEWS
Godwin to join Flygt and Grindex in ITT Jul 2010
Godwin to join Flygt and Grindex in ITT Jul 2010
- ITT Corporation, a leader in the transport and treatment of water and wastewater, has announced an agreement to purchase the privately held Godwin Pumps.
- ITT today owns the Flygt brand of pumps and sells Grindex pumps, and rents both 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 the original submersible dewatering pumps, invented in 1948.
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- Godwin 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. Founded in 1976, Godwin is based in Bridgeport, New Jersey and has 800 employees in the United States and at its manufacturing facility in Gloucestershire, UK. The company operates a US rental fleet of more than 6,000 pumps at 26 equipment rental facilities and a network of about 50 distributors worldwide.
- Pending customary regulatory approvals, the $585 million purchase of Godwin from its principal shareholders is expected to close in the third quarter of 2010. 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.
- "This acquisition is another example of ITT's strategy to expand our core businesses and build on our strong global positions in water, wastewater and industrial process," said Gretchen McClain, President of ITT's Fluid and Motion Control group. "Godwin's business is a great complement to our existing fluid technology portfolio, and is expected to establish ITT among the leaders in the growing and profitable $3 billion global market for dewatering pumps and rental services."
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Range of Godwin Dri-Prime pumps
- Upon closing of the acquisition, Godwin will become part of ITT's $1.6 billion Water & Wastewater business which includes the Flygt, Wedeco, Sanitaire and Leopold product brands and is based in Stockholm, Sweden. "The acquisition presents a tremendous opportunity," 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."
- John Michael Paz, founder and chief executive officer of Godwin Pumps, sees the acquisition by ITT as a global expansion opportunity for Godwin's products and services. "Over the last 30 years, Godwin employees and our strong distribution network have built the Godwin brand and reputation, and I am pleased to see this opportunity for future growth. The combination of these two talented teams should result in tremendous opportunities for both companies."
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