ITT Corporation Acquires Godwin Pumps in $585 Million Deal

On June 21, ITT Corporation, a global leader in high‑technology engineering for water and wastewater, announced its agreement to acquire privately held Godwin Pumps for $585 million.

Godwin, founded in 1976 and headquartered in Bridgeport, N.J., supplies automatic self‑priming portable pumps to a broad spectrum of industries, including construction, mining, municipal, oil and gas, and the growing market for drainage pump rental and services.

The transaction will close in Q3 2010, subject to customary regulatory approvals, and will strengthen ITT’s core businesses in water, wastewater and industrial process technologies.

“This acquisition exemplifies ITT’s strategy to expand our core businesses and build on our strong global positions in water, wastewater, and industrial processes,” said Gretchen McClain, president of ITT’s Fluid and Motion Control group. “Godwin’s portfolio complements our existing fluid‑technology offerings and positions ITT as a leader in the $3 billion global dewatering‑pump and rental market.”

With approximately 800 employees across the United States and a manufacturing facility in Gloucestershire, England, Godwin operates a U.S. rental fleet of more than 6,000 pumps at 26 equipment‑rental facilities and a worldwide distributor network of roughly 50 partners. 2009 revenues were about $200 million, with full‑year 2010 projections around $235 million. When combined with ITT’s existing dewatering sales, the acquisition is expected to double ITT’s dewatering equipment and services revenue.

Godwin is renowned for its dewatering expertise and its original Dri‑Prime line of automatic self‑priming centrifugal pumps, capable of handling industrial sludges, oil, sewage, storm water, mine dewatering, and more. Upon closing, Godwin will become part of ITT’s $1.6 billion Water & Wastewater business.

John Williamson, president of ITT’s Water & Wastewater business, added, “This deal presents a tremendous opportunity for ITT to grow its dewatering rental and services business internationally. We have already partnered with Godwin, supplying our electric submersible pumps since 2003. Adding Godwin’s specialized products and expertise to ITT’s Flygt and Grindex submersible pump portfolio and global sales network means our customers will gain unmatched access to the broadest dewatering capabilities on the market.”

ITT’s Flygt and Grindex brands have long dominated the dewatering sector, with Flygt pumps being the original submersible dewatering pumps invented in 1948. ITT currently rents from a fleet of more than 11,000 pumps, serving customers in over 140 countries.

John Michael Paz, founder and CEO of Godwin Pumps, expressed optimism: “Over the past 30 years, Godwin employees and our robust distribution network have built a strong brand and reputation. This acquisition by ITT opens a global expansion opportunity for our products and services, and the combined expertise of both teams promises significant growth for both companies.”