ITT Corp, a global leader in the transport and treatment of water and wastewater, has agreed to purchase privately held Godwin Pumps. Godwin is a leading supplier of automatic self-priming portable pumps. “This acquisition is another example of ITT’s strategy to expand our core businesses and build on our strong global positions in water, wastewater and industrial process,” said Gretchen McClain, President of ITT’s Fluid and Motion Control group. “Godwin’s business is a great complement to our existing fluid technology portfolio, and is expected to establish ITT among the leaders in the growing and profitable $3 billion global market for dewatering pumps.”ITT has agreed to purchase Godwin from its principal shareholders for $585 million. The transaction is expected to close in the third quarter of 2010, pending customary regulatory approvals. Godwin Pumps, founded in 1976, is based in Bridgeport, New Jersey and has approximately 800 employees located throughout the US and at its manufacturing facility in Gloucestershire, England. 

Godwin’s 2009 revenues were approximately $200 million, with full-year 2010 revenue projected to be about $235 million.  When combined with ITT’s existing dewatering sales, the Godwin acquisition is expected to double ITT’s revenues from dewatering equipment and services. 

Godwin is best known for its service capabilities in dewatering and the original Dri-Prime pump, an automatic self-priming centrifugal pump range capable of handling industrial sludges, mine dewatering and other pumping needs.  Upon closing of the acquisition, Godwin will become part of ITT’s $1.6 billion Water & Wastewater business.

“The acquisition presents a tremendous opportunity for ITT to grow its dewatering rental and services business internationally,” said John Williamson, President of ITT’s Water & Wastewater business. “We already have a solid history of partnership, with Godwin offering ITT’s electric submersible pumps since 2003. Adding the specialised products and skills of the world-class Godwin team to ITT’s broad Flygt and Grindex submersible pump portfolio and global sales network means our customers will have unsurpassed access to the broadest dewatering capabilities on the market.”