ITT buys Godwin Pumps for $585m
By Murray Pollok22 June 2010
ITT Corp is to buy Godwin Pumps for US$585 million. The acquisition will double the size of ITT's dewatering business, which includes the Flygt and Grindex branded submersible pumps. The deal is expected to close in the third quarter of 2010.
As well as combining three of the best known pump brands in the world the acquisition will considerably boost ITT's pump rental operation. Godwin, as well as manufacturing pumps from its UK manufacturing facility, has a US$100-150 million pump rental business in the US.
John Paz, founder, owner and chief executive officer of Godwin Pumps, told IRN that he will leave the company when the transaction is complete; “I’m ready for a change of life. I’m looking to do something else.” He said he would consider writing a business book and undertake motivational speaking engagements.
The deal is the culmination of seven years of cooperation between the two companies, with Godwin having sold ITT-produced submersible pumps since 2003. Godwin will become part of ITT's $1.6 billion, Swedish-based Water & Wastewater business.
John Williamson, president of ITT's Water & Wastewater business, said; "The acquisition presents a tremendous opportunity for ITT to grow its dewatering rental and services business internationally.
"We already have a solid history of partnership, with Godwin offering ITT's electric submersible pumps since 2003. Adding the specialised 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."
ITT also has a pump rental business, with a fleet of 11000 submersible pumps, but this is a much smaller scale operation than that run by Godwin in the US.
Godwin Pumps, founded in 1976, is based in Bridgeport, New Jersey and has approximately 800 employees located in the US and at its manufacturing facility in Gloucestershire, UK. Godwin's 2009 revenues were approximately $200 million, with full-year 2010 revenue projected to be about $235 million.
Godwin's pump line up includes 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. Godwin will become part of ITT's $1.6 billion Water & Wastewater business.
"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."