ITT Corp., White Plains, NY, has agreed to acquire Laing GmbH of Germany, a privately held producer of energy-efficient circulator pumps primarily used in residential and commercial plumbing and heating, ventilating and air conditioning systems. Once completed, the acquisition will reflect the company's continued strategic focus on satisfying the market's growing demand for energy efficiency and lower life-cycle costs.
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 Residential & Commercial Water is a manufacturer of water and wastewater pumps, valves, heat exchangers, controls, and package solutions for homes, buildings, agriculture, and irrigation.