In a transaction valued at approximately $268 million, ITT Corp., White Plains, N.Y., completed the acquisition of Joh. Heinr. Bornemann GmbH, more commonly known in the United States as Bornemann Pumps.
Bornemann provides pumps and systems for the oil and gas industry as well as industrial, food and pharmaceutical sectors. The deal strengthens ITT Corp.’s position in the oil and gas markets, according to the company.
Robert J. Pagano Jr., president of ITT’s Industrial Process business, says of the acquired company, “[Its] twin-screw technology and multiphase applications expertise align strategically with the Industrial Process business, complement our Goulds Pumps brand and expand ITT’s presence in global oil and gas markets.”