ITT Acquires Phelps, a Key U.S. Distributor of Water Treatment Products
ITT Industries announced that it has acquired the business and assets of Ellis K. Phelps & Company (Phelps) of Apopka, Florida. Phelps has long been the largest U.S. distributor of products sold under ITT's Flygt brand for the wastewater pumping and treatment market.
Terms of the transaction were not disclosed.
"This acquisition will provide a foundation for support and sales growth in our $2.3 billion global water and wastewater business, and firmly secure our position as a premier supplier of related products in the Florida-Georgia region," said Robert Ayers, President of ITT Industries' Fluid Technology.
Phelps has more than 53 years experience of servicing the Florida and Southern Georgia marketplace. Phelps' sales, service and local monitoring and control business revolves primarily around ITT's Flygt products and complimentary equipment used in water and wastewater pumping and treatment solutions. Phelps realized $32 million in revenue in 2004. The Phelps organization has 75 employees between its main location in Apopka and three full service satellite facilities in West Palm Beach and Fort Meyers, Florida, and Savannah, Georgia.
About ITT Industries
ITT Industries, Inc. (NYSE: ITT) supplies advanced technology products and services in key markets including: fluid and water management including water treatment; defense communication, opto-electronics, information
technology and services; electronic interconnects and switches; and other specialty products. Headquartered in White Plains, NY, the company generated $6.8 billion in 2004 sales.
In addition to the New York Stock Exchange, ITT Industries stock is traded on the Midwest, Pacific, Paris, London and Frankfurt exchanges.
Source: ITT Inc.