ITT Corporation (www.itt.com) signed a definitive agreement to acquire Laing GmbH (www.laing.de) of Germany, a privately held producer of energy-efficient circulator pumps primarily used in residential and commercial plumbing and heating, ventilating and air conditioning (HVAC) systems. Once completed, the acquisition is expected to broaden ITT’s offering and bring added solutions for energy efficiency and lower lifecycle costs.
European Union rules are expected to soon require the rating of circulators in an effort to save energy. Laing currently offers A-class rated circulators, which was a primary drive of the acquisition from ITT’s perspective. Laing is headquartered in Remseck, Germany, with operations in Germany, Hungary, the United States and Japan. The company employs approximately 500 people worldwide and generated 2008 global revenues of €30 million ($40 million U.S.). Upon completion of the acquisition, Laing will be fully integrated into ITT’s Residential and Commercial Water business.
ITT expects to complete the transaction during the second quarter, pending regulatory approval and customary closing conditions. Financial terms of the transaction were not disclosed.