ITT Industries Acquires Svedala Robot B.V.
WHITE PLAINS, N.Y., -- ITT Industries, Inc. (NYSE: ITT) announced that it has acquired Svedala Robot B.V., a leading manufacturer of high quality submersible pumps and pump systems used in wastewater applications. These pumps complement the range of pumps and pump systems that ITT Flygt currently offers to the wastewater market, and are expected to fuel additional growth for ITT Industries in this sector both in the US, Europe and Asia.
"This acquisition fits perfectly within our existing portfolio, and enhances our ability to provide high-value submersible pumps for small and mid-sized wastewater operations," said Robert Ayers, President of ITT's Fluid Technology business.
Anders Hallberg, President ITT Flygt said, "With Robot Pumps we will be able to attract new customers in our established markets and help boost our sales in new markets such as China. We also see opportunities for purchasing synergies in Europe and production synergies in China."
Svedala Robot B.V., a wholly-owned subsidiary of Metso Minerals AB, develops, manufactures and markets submersible pumps and pump systems for wastewater and solids handling. The company specializes in vortex-type pumps. Svedala Robot has a manufacturing and distribution facility in Alphen aan den Rijn (between Amsterdam and Rotterdam) in the Netherlands.
Robot is expected to generate annualized revenues of approximately $10 million for ITT Industries.
About ITT Industries
ITT Industries, Inc. (http://www.itt.com) supplies advanced technology products and services in key markets including electronic interconnects and switches; defense communication, opto-electronics, information technology, and services; fluid and water management; and other specialty products. Headquartered in White Plains, NY, the company generated $4.7 billion in 2001 sales. In addition to the New York Stock Exchange, ITT Industries stock is traded on the Midwest, Pacific, London and Frankfurt exchanges.
Source: ITT Inc.
