ITT to acquire Laing GmbH, broadening portfolio of energy-efficient plumbing and HVAC pumps
ITT Corporation announced it has signed a definitive agreement to acquire Laing GmbH of Germany, a privately-held leading producer of energy-efficient circulator pumps primarily used in residential and commercial plumbing and heating, ventilating and air conditioning (HVAC) systems. Once completed, the acquisition will significantly broaden ITT’s offering and will reflect the company’s continued strategic focus on satisfying the market’s growing demand for energy efficiency and lower life-cycle costs.
"The addition of Laing’s energy-efficient circulators to ITT’s product portfolio significantly expands our offering to customers in the HVAC industry," said Gretchen McClain, president of ITT’s Fluid and Motion Control business. "Upon completion of the acquisition, ITT will be able to offer customers a comprehensive range of high-performance and ’green’ pump technology and products that meet more stringent energy standards."
"The combination of Laing with ITT’s building services business is a logical step in our evolution," said Oliver Laing, chief executive officer of Laing. "The strength of ITT’s brands and their commitment to leading edge technology means that we will have even more resources to develop new and innovative products for our customers, and expand our global reach."
Financial terms of the transaction were not disclosed. The company expects to complete the transaction during the second quarter, pending regulatory approval and customary closing conditions.
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