ITT Industries, through its subsidiary ITT Industries German Holding GmbH, launched a public offer for WEDECO Aktiengesellschaft Water Technology, a manufacturer of ozone oxidation and ultraviolet disinfection equipment based in Duesseldorf, Germany. ITT intends to offer to WEDECO's shareholders $20.68 (US) per WEDECO share in cash. The offer period was scheduled to expire Jan. 16.
WEDECO employs 800 people and has seven facilities - two in Germany, and one each in the United States, France, Italy, Hungary and Korea. The company reported 2002 revenues of $144 million. It will become a part of the Sanitaire division of ITT's Fluid Technology group based in Charlotte, N.C.