ITT Industries Acquires Uniservice Wellpoint
ITT Industries, Inc., announced today that it has acquired the business and assets of pump manufacturer Uniservice Wellpoint Srl. Based in Italy, Uniservice Wellpoint produces a range of high quality diesel and electric powered, vacuum primed centrifugal pumps, along with spear or well point dewatering systems for the rental market and sale.
The company recorded annual revenues of approximately $4 million in 2002. Terms of the transaction were not disclosed.
"The acquisition of Wellpoint is a continuation of our strategy to enhance service solutions throughout the company, and will help our Flygt group migrating from a product provider to a solutions provider," said Robert Ayers, President of ITT Industries' Fluid Technology business. "Wellpoint products and services will be marketed throughout the ITT Flygt organization."
Uniservice Wellpoint was established in 1994, serving the construction sector. Its manufacturing plant and distribution center is located in Venice, Italy. Current Managing Director, Paolo Luise will continue to manage the company.
ITT Flygt (www.flygt.com) is the world's leading supplier of submersible pump and mixer solutions. Its products are used in municipal wastewater treatment, industrial effluent handling, for general dewatering duties at construction sites and mines, and for process liquid handling, among others.
ITT Industries, Inc. (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 $4.99 billion in 2002 sales.
In addition to the New York Stock Exchange (NYSE: ITT), ITT Industries common stock is traded on the Midwest, Pacific, London, Paris, and Frankfurt exchanges.
Source: ITT Inc.