Acquisition of Bornemann Pumps Completed

ITT Corporation (Germany) announced recently they have completed the acquisition of Joh. Heinr. Bornemann GmbH (Bornemann Pumps), a global provider of highly engineered pumps and systems for the oil and gas industry, as well as the industrial, food and pharmaceutical sectors.

"Our acquisition of Bornemann Pumps and its leading edge technologies will further position ITT as a leader within the global oil and gas industry," said Denise Ramos, chief executive officer and president. "We look forward to unlocking powerful new opportunities to serve customers through expanded global operational and service platforms."

Robert J. Pagano Jr., president of ITT's Industrial Process business, said, "The acquisition of Bornemann Pumps represents a significant milestone in the continuing growth of our business. Their twin-screw technology and multiphase applications expertise align strategically with the Industrial Process business, complement our Goulds Pumps brand and expand ITT's presence in global oil and gas markets. We are also excited by the advantages we will gain by bringing together two teams with shared values and a commitment to quality, performance and customer satisfaction."

The transaction was valued at EUR 206 million. Additional information related to the acquisition is available on ITT's website at www.itt.com\IR.