ITT Corporation, White Plains, NY, has agreed to acquire International Motion Control, Buffalo, NY, for $395 million. IMC is a supplier of motion control products with 2006 revenues of $200 million.
The IMC acquisition aligns exceedingly well with our strategy to grow the ITT Motion and Flow Control business globally. IMC adds a complementary mix of highly engineered, mission-critical products to expand our core capabilities in specialty energy absorption and motion control applications,” said Steve Loranger, president and CEO of ITT.
IMC is a manufacturer of specialty energy absorption, industrial and aviation control and automation technology under the brand names of Burny, Enidine, Compact Automation, CMC, and Midland-ACS and others. Under brand names including Koni, Jabsco, Neodyne, Rule and Flojet, ITT’s Motion and Flow Control group produces products for the marine and leisure, transportation, aerospace, telecommunications, and industrial markets. Nick Hill, president of the ITT Motion and Flow Control group, will continue to lead the organization.
IMC employs 1,000 people in 11 manufacturing facilities -three in the Asia Pacific region, six in the U.S. and two in Europe. Nearly half of IMC’s revenues come from outside the U.S.
ITT Corporation generated $7.8 billion in 2006 sales.