ITT Corp., a provider of transport and treatment of water and wastewater, announced on June 21 that is has agreed to purchase Godwin Pumps. Godwin is a supplier of automatic self-priming portable pumps used in the growing markets for drainage pump rental, services and sales serving the global industrial, construction, mining, municipal, oil and gas segments.
The purchase price is $585 million. The transaction is expected to close in the third quarter of 2010.
Godwin Pumps, founded in 1976, is based in Bridgeport, N.J. and has approximately 800 employees located throughout the United States and at its manufacturing facility in Gloucestershire, England. The company operates a U.S. rental fleet of more than 6,000 pumps at 26 equipment rental facilities and a network of approximately 50 distributors worldwide. Godwin's 2009 revenues were approximately $200 million, with full-year 2010 revenue projected to be about $235 million.
When combined with ITT's existing dewatering sales, the Godwin acquisition is expected to double ITT's revenues from dewatering equipment and services.
Godwin is best known for its service capabilities in dewatering (the removal of unwanted water and other fluids) and the original Dri-Prime pump, an automatic self-priming centrifugal pump range capable of handling industrial sludges, oil, sewage, storm water, mine dewatering and other pumping needs. Upon closing of the acquisition, Godwin will become part of ITTs $1.6 billion Water & Wastewater business.