ITT to Acquire Bornemann Pumps to Expand in Oil & Gas
ITT Corporation will invest $22 million in its Seneca Falls, N.Y., pump manufacturing operations and research and development laboratory to better serve the global oil and gas market, according to an official announcement.
The expansion was driven primarily by the growth of ITT and its Goulds Pumps brand in the global oil and gas industry, which requires highly engineered pump products for use in refinery, pipeline, production, and other critical environments, the company said.
“We have been steadily growing our presence in the oil and gas market over the past several years, and this investment will further expand our manufacturing and testing capabilities to better serve our global customers,” said Robert J. Pagano Jr., president of ITT’s Industrial Process business, in the announcement. “This expansion will equip us for further growth in the oil and gas sector, as well as other important markets such as mining and chemicals, and will complement the expansion of our research and development laboratory, which is currently underway.”
ITT also recently announced an agreement to acquire Bornemann Pumps, a leading global provider of highly engineered pumps and systems for the oil and gas industry. ITT says the acquisition would align strategically with the Industrial Process business, complement the Goulds Pumps brand, and expand ITT’s presence in upstream oil and gas production. The transaction is expected to close by the end of the year.
The expansion of the Seneca Falls operations will include construction of a 75,000-square-foot facility, focusing on high-energy pump packages. ITT says a new 8,000-hp performance test facility will be included to meet the expanding testing needs of global customers. The project is expected to be completed by the fourth quarter of 2013.