Company Announces $22 Million Investment in Pump Manufacturing Operations
Seneca Falls, NY (Marketwire) - ITT Corporation (NYSE: ITT) announced today that it will invest $22 million in its Seneca Falls, N.Y., manufacturing operations and Research and Development Laboratory to better serve the global oil and gas market.
The expansion was driven primarily by the growth of ITT and its Goulds Pumps brand in the global oil and gas industry, which requires highly engineered pump products for use in refinery, pipeline, production and other critical environments.
"We have been steadily growing our presence in the oil and gas market over the past several years, and this investment will further expand our manufacturing and testing capabilities to better serve our global customers," said Robert J. Pagano Jr., president of ITT's Industrial Process business. "This expansion will equip us for further growth in the oil and gas sector, as well as other important markets such as mining and chemicals, and will complement the expansion of our Research and Development Laboratory, which is currently underway."
ITT also recently announced an agreement to acquire Bornemann Pumps, a leading global provider of highly engineered pumps and systems for the oil and gas industry known for its leading edge technologies. The acquisition would align strategically with the Industrial Process business, complement the Goulds Pumps brand and expand ITT's presence in upstream oil and gas production. The transaction is expected to close by year-end subject to customary closing conditions, including appropriate regulatory approvals.
"One year ago, ITT announced the successful execution of the spin-offs of its defense and water businesses and became a global diversified multi-industrial company focused on the key end markets of energy, transportation and industrial," Pagano said. "We are clearly seeing the benefits of that focus in the investments that are being made to help us grow our business for the long term."
The expansion of the Seneca Falls operations will include construction of a 75,000-square-foot facility, focusing on high-energy pump packages. A new 8,000-hp state of the art performance test facility will be included to meet the expanding testing needs of global customers. The project is expected to be completed by the fourth quarter of 2013.
ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for growing industrial end-markets in energy infrastructure, electronics, aerospace and transportation. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. Founded in 1920, ITT is headquartered in White Plains, N.Y., with employees in more than 30 countries and sales in a total of approximately 125 countries. The company generated 2011 revenues of $2.1 billion. For more information, visit www.itt.com.
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