ITT Industries Sells German Richter Chemie-Technik GmbH
ITT Industries announced that it has sold the company's Germany-based Richter Chemie-Technik GmbH (Richter) to The Riverside Company, a private equity investor. Terms of the transaction were not disclosed. Richter is a leading manufacturer of pumps and valves for selected segments in the chemical, fine chemical and pharmaceutical industries.
"This transaction is consistent with our value-based strategy of focusing ITT's assets and attention on our core businesses, such as advanced water treatment, water and wastewater solutions, in order to provide greater potential for growth and profitability," said Hank Driesse, President ITT Industries Fluid Technology.
Richter employs approximately 220 people and operates manufacturing sites in Germany and China.
ITT Industries was advised in the transaction by M&A International s.a., Brussels.
ITT Industries, Inc 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.
ITT Richter manufactures and markets plastic-lined and metallic magnetic drive and mechanical seal pumps, valves and measuring and control equipment. ITT Richter was established in 1957 and has been an affiliate of ITT Industries, USA, since 1994.
Source: Richter Chemie-Technik GmbH
