Posted to News on 6th Jul 2007, 16:19
IMC and Midland ACS acquired by ITT Corporation
ITT Corporation has executed an agreement to acquire International Motion Control (IMC) for $395million. IMC is a global developer of motion control products with 2006 revenues of approximately $200million. The transaction, which is subject to normal closing conditions, is expected to be completed in the third quarter of 2007.
Steve Loranger, chairman, president and chief executive officer of ITT, comments: "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, energy management and actuation, and industrial and aerospace controls. We look forward to welcoming IMC's talented workforce and strong customer base to the ITT family."
IMC is a market leader in the manufacture of speciality energy absorption, industrial and aviation control and automation technology under the brand names of Burny, Enidine, Compact Automation, CMC, and Midland-ACS, among 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 integrated organisation.
Patrick Lee, chairman and chief executive officer of IMC, states: "For more than four decades, our customers have known IMC for its technological expertise, problem-solving approach and exemplary customer service. We found ITT to share these core values and together expect to continue this tradition as we enter this exciting new chapter in our history."
