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ITT Corporation has signed an agreement to acquire Bornemann Pumps, a leading global provider of highly engineered pumps and systems for the oil and gas industry.

The transaction is valued at €206 million and is expected to close in the fourth quarter of 2012, subject to customary closing conditions, including appropriate regulatory approvals.

ITT Chief Executive Officer and President Denise Ramos said the acquisition of Bornemann Pumps will lead to opportunities for ITT to expand into new markets within the global oil and gas industry. “The addition of Bornemann’s positive-displacement technology would broaden our capabilities while further positioning ITT as a leader in this key end market and enhancing our ability to serve customers through expanded global operational and service platforms,” Ramos said in an official announcement.

Robert J. Pagano Jr., president of ITT”s Industrial Process business, said Bornemann’s twin-screw technology and multiphase applications experience would align strategically with ITT’s Industrial Process business, complement the company’s Goulds Pumps brand, and expand ITT”s presence in upstream oil and gas production.

Headquartered in Germany, Bornemann Pumps has an international installed base of multiphase pumping systems for the oil and gas market. The company also serves the industrial, food and pharmaceutical sectors. Founded in 1853, Bornemann has an estimated fiscal 2012 revenue of €115 million and employs more than 550 employees globally.