ITT Corp. has agreed to purchase privately held Godwin Pumps, a 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.
ITT has agreed to purchase Godwin from its principal shareholders for $585 million. The transaction is expected to close in the third quarter of 2010, pending customary regulatory approvals.
“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.”
Godwin Pumps, founded in 1976, is based in Bridgeport, NJ, and has approximately 800 employees located throughout the United States and at its manufacturing facility in Gloucestershire, England. The company operates a U.S. 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. When combined with ITT’s existing dewatering sales, the Godwin acquisition is expected to double ITT’s revenues from dewatering equipment and services.
Godwin is best known for its service capabilities in dewatering (the removal of unwanted water and other fluids) 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.
Upon closing of the acquisition, Godwin will become part of ITT’s $1.6 billion Water & Wastewater business.
“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.”
ITT today sells Flygt and Grindex brand dewatering pumps, and rents 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.
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.”
ITT currently forecasts that the transaction will be accretive to ITT’s 2011 earnings per share, and dilutive to its current year earnings by an estimated three to five cents per share, reflecting the purchase accounting treatment and transaction fees.
For additional information about ITT’s agreement to purchase Godwin Pumps, visit www.itt.com/investors.
Company to Introduce Oil-less Vacuum Pump Series
Thompson Pump will introduce a new oil-less vacuum pump series at the 2010 WEFTEC Trade Show in New Orleans, LA. The pump series offers dry-running operation and eliminates the need for lubricating oil and all related oil accessories.
Available as diesel or electric-driven, the 4 inch to 18 inch automatic priming, centrifugal pumps provide flows to 11,000 gallons per minute, heads to 200 feet, and up to 4 inch solids-handling capabilities.
The vacuum-assisted pump series offers high air-handling capabilities and fast priming. The pumps are available with auto start/stop controls and the company’s Silent Knight® sound attenuation system. They are suited for use in a variety of applications ranging from sewage bypass pumping to wellpoint dewatering.
For more information, visit the company’s website at www.thompsonpump.com.
New Mechanical Seal Coating System
To combat the problem of dry-running in pumps, EagleBurgmann, a manufacturer of mechanical seals, has developed a new seal face coating that incorporates synthetically manufactured diamond.
The company claims an 8-µm-thick application of its DiamondFaces® microcrystalline coating on a silicon carbide seal face extends the life of the seal, reducing maintenance costs and minimizing lifecycle costs for pump users.
While SiC/SiC material pairings have become popular for seal faces during the last 10 to 15 years, insufficient lubrication results in rapid and massive temperature increases which damages the sliding faces and secondary seals. Combining SiC seal faces with the new coating allows dry-running periods up to several hours without any excessive heat build-up, the company claims.
Mechanical seals with DiamondFaces® coating are suited for applications in the oil and gas industries, chemical and pharmaceutical industries, refineries, building services, and slurry (abrasive media).
For more information, visit the company’s website: www.eagleburgmann.com
