28.01.2011: Aanderaa acquiered
TT completes acquisition of O.I. Corporation to enhance its global analytics instrumentation business...
ITT completes acquisition of O.I. Corporation to enhance its global analytics instrumentation business
WHITE PLAINS, N.Y. – November 15, 2010
ITT Corporation (NYSE:ITT) announced today that it has completed its previously announced acquisition of O.I. Corporation, “OI,” for approximately $29 million.
OI is a leading provider of innovative instrumentation for laboratory and environmental testing in the pharmaceutical, petrochemical, power and industrial markets. The company’s portfolio will enhance ITT’s Analytics business, which was formed earlier this year with the acquisition of Nova Analytics. “The addition of OI to our existing portfolio supports our strategy to acquire attractive companies to grow our presence in the $6 billion global analytical instrumentation market,” said Chris McIntire, president of ITT Analytics. “Combining OI with our own product offering allows us to expand our technical expertise to serve our instrumentation customers, and will enable us to better serve our global customers.” OI was founded in 1963, and specializes in innovative total organic carbon (TOC) analyzers and gaschromatography related instrumentation, as well as consumables and services. OI reported 2009 revenues of $20 million. Its products are sold worldwide by direct sales, independent representatives, and distributors. About ITT Analytics ITT Analytics is a leading manufacturer of premium field, portable, laboratory and online analytical instruments used in water and wastewater, environmental, medical, and food and beverage applications. The company’s meters, sensors, analyzers and related consumables are used every day by thousands of end-users worldwide to analyze and control quality in countless industrial applications where precise measurement is required. ITT Analytics’ products are sold under the globally recognized brands WTW, SI Analytics, Royce Technologies, Aanderaa Data Instruments, Global Water Instrumentation, ebro and Bellingham & Stanley. About ITT Corporation Safe Harbor StatementCertain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 ("the Act"). These forward-looking statements include statements that describe the Company's business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. Whenever used, words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target" and other terms of similar meaning are intended to identify such forward-looking statements. Forward-looking statements are uncertain and to some extent unpredictable, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in, or implied from, such forward-looking statements. Factors that could cause results to differ materially from those anticipated include: Economic, political and social conditions in the countries in which we conduct our businesses; Changes in government defense budgets; Decline in consumer spending; Sales and revenues mix and pricing levels; Availability of adequate labor, commodities, supplies and raw materials; Interest and foreign currency exchange rate fluctuations; Competition and industry capacity and production rates; Ability of third parties, including our commercial partners, counterparties, financial institutions and insurers, to comply with their commitments to us; Our ability to borrow or refinance our existing indebtedness and availability of liquidity sufficient to meet our needs; Acquisitions or divestitures; Personal injury claims; Uncertainties with respect to our estimation of asbestos liability exposure and related insurance recoveries; Our ability to effect restructuring and cost reduction programs and realize savings from such actions; Government regulations and compliance therewith; Changes in technology; Intellectual property matters; Governmental investigations; Potential future employee benefit plan contributions and other employment and pension matters; Contingencies related to actual or alleged environmental contamination, claims and concerns; Changes in generally accepted accounting principles; Other factors set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and our other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.www.ittanalytics.com ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company generated 2009 revenue of $10.9 billion. www.itt.com