Product category:
Valves and manifolds
News Release from: Midland ACS
Edited by the Processingtalk Editorial
Team on 06 July 2007
ITT Corp acquires International Motion
Control
The acquisition, which includes Midland-ACS, is intended to enhance the ITT global motion and flow control capabilities, and cost 395 million US Dollars
ITT Corporation has announced that it has executed an agreement to acquire the privately held International Motion Control (IMC) for 395 million US Dollars IMC is a global developer of motion control products with 2006 revenues of approximately 200 million US Dollars
This article was originally published on Processingtalk on 25 Jun 2007 at 8.00am (UK)
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The transaction, which is subject to normal closing conditions, is expected to be completed in the third quarter.
"The IMC acquisition aligns exceedingly well with our strategy to grow the ITT Motion and Flow Control business globally.
IMC adds a complementary mix of highly engineered, mission-critical products to expand our core capabilities in specialty energy absorption, energy management and actuation, and industrial and aerospace controls," said Steve Loranger, chairman, president and chief executive officer of ITT: "We look forward to welcoming the IMC talented workforce and strong customer base to the ITT family".
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Alcon have engineered rapid response times and flexible operation into their new EExd high-flow high-speed solenoid valve, designed for use in hazardous area / extreme environment applications
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Designed for water, steam and corrosive fluid applications, the ASAST series of 316 stainless steel valves, offer improved life particularly in high temperature process applications
IMC is a market leader in the manufacture of specialty energy absorption, industrial and aviation control and automation technology under the brand names of Burny, Enidine, Compact Automation, CMC, and Midland-ACS, among others.
Under brand names including Koni, Jabsco, Neodyne, Rule and Flojet, ITT Motion and Flow Control group produces leading products for the marine and leisure, transportation, aerospace, telecommunications, and industrial markets.
Nick Hill, president of the ITT Motion and Flow Control group, will continue to lead the integrated organization.
"For more than four decades, our customers have known IMC for its technological expertise, problem-solving approach and exemplary customer service," said Patrick Lee, chairman and chief executive officer of IMC.
"We found ITT to share these core values and together expect to continue this tradition as we enter this exciting new chapter in our history".
Headquartered in Buffalo, New York, IMC employs 1,000 people in 11 manufacturing facilities - three in the Asia Pacific region, six in the United States and two in Europe.
Nearly half of the IMC revenues come from outside the United States.
The impact of this transaction is projected to be slightly dilutive to ITT earnings per share in 2007 and accretive to earnings in 2008.
However, based on the strength of the company's underlying businesses, ITT remains confident in its ability to meet its 2007 EPS guidance of 3.44 US Dollars to 3.50 US Dollars, including the impact of this transaction. Request free introductory details about products from Midland ACS ...
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