ITT buys German company to expand in plumbing market
ITT Corp., a White Plains-based industrial conglomerate, said that it will expand in the energy-efficient plumbing and heating market with the acquisition of Laing GmbH of Germany.
The buyout of privately held Laing will give ITT a foothold in the market for energy-efficient circulator pumps used in residential and commercial plumbing, heating, ventilating and air conditioning systems.
“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,” Gretchen McClain, president of ITT’s fluid and motion control business, said in a written statement.
ITT added that the deal fits with its corporate strategy to expand in the rapidly growing market for energy-efficient products. Laing’s pumps also complement ITT’s own products for the building sevices market.
Laing, based in Remseck, Germany, employs 500 workers in Germany, Hungary, the United States and Japan. Last year, the company generated $40 million in sales.
The companies did not disclose financal terms of the acquisition that is expected to be completed during the second quarter, pending regulatory approvals.