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ITT says acquisition part of its strategy to expand into categories adjacent to its core businesses
ITT Corp., a company in the transport and treatment of water, wastewater and other fluids, announced its agreement to purchase Nova Analytics Corp. Nova Analytics is a privately-held manufacturer of laboratory, field, portable and online analytical instruments used in water and wastewater, environmental, medical and food and beverage applications. Financial terms of ITT’s agreement were not disclosed.
“This acquisition fits perfectly with ITT’s strategy to expand into categories adjacent to our core businesses and build on our global leadership positions in water, wastewater and industrial process, and products for the food and beverage market,” said Gretchen McClain, president of ITT Fluid and Motion Control group. “Nova offers ITT a collection of leading brands and technologies, robust distribution and a strong platform in the $6 billion analytical instrumentation market from which to establish a new growth platform for the corporation.”
McClain sees the acquisition as a natural extension of ITT’s $4.7 billion Fluid and Motion Control business, with presence in more than 130 countries and established brands including Flygt, Sanitaire, Jabsco, Totten, Goulds, Bell & Gossett, Lowara, WEDECO, Royce and Leopold.
“Adding Nova’s recognized brands such as WTW, SI Analytics and Aanderaa to our existing portfolio of water and wastewater pumps and treatment systems will enable us to more fully address our customers’ needs when it comes to fluid transport, testing and treatment, and to assist them in more effectively meeting the increasingly stringent regulatory, environmental and energy efficiency requirements they are facing,” McClain said.
The transaction is expected to close within the first quarter of 2010, pending customary regulatory approvals.
“ITT is the perfect acquirer for Nova Analytics,” said Jim Barbookles, chairman and CEO of Nova Analytics. “The combination of Nova’s brands, premium technology and dedicated employees will enhance ITT’s competitive position in Analytical Instruments.”
Nova Analytics has its administrative headquarters in Woburn, Mass. Nova employs approximately 725 people in Germany, Norway, France, United Kingdom, United States and China. Nova generated pro forma full year global revenues of approximately $135 million in 2009.