Acquisition will expand the company’s pump portfolio of energy-efficient products.
ITT Corp.announced it has signed a definitive agreement to acquireLaing GmbH, a privately held German producer of energy-efficient circulator pumps primarily used in residential and commercial plumbing and heating systems. This acquisition should significantly broaden ITT’s pump offering. Financial terms of the transaction were not disclosed.
“The addition of Laing’s energy-efficient circulators to ITT’s product portfolio significantly expands our offering to customers in the HVAC industry,” announcedGretchen McClain, president of ITT’s Fluid and Motion Control business. “Upon completion of the acquisition, ITT will be able to offer customers a comprehensive range of high-performance and ‘green’ pump technology and products that meet more stringent energy standards.”
Laing CEOOliver Laingstated in the announcement that this agreement will also expand Laing’s global reach, and offer it even more resources to develop new products.
With the European Union updated rules to require the rating of circulators in an effort to save energy, ITT believes growing its A-class rated circulators will provide another energy-efficient solution for residential buildings.
Laing is headquartered in Remseck, Germany, with operations in Germany, Hungary, the United States and Japan. The company employs approximately 500 people worldwide and generated 2008 global revenues of $40 million U.S. Upon completion of the acquisition, Laing will be fully integrated into ITT’s Residential and Commercial Water business.
The company expects to complete the transaction during the second quarter, pending regulatory approval and customary closing conditions.