ITT acquires Canberra Pumps in Brazil
7/12/2010 12:00:00 AM
The acquisition builds on ITT Corporations long business experience in Brazil, where its products are used to meet the needs of the growing industrial base, as well as the need for fresh water and for treating wastewater.
Canberra, with its large installed base and strong reputation in the industrial process market, is a great complement to our existing footprint in Brazil, and will bolster our $3.4 billion global fluid technology portfolio, said Gretchen McClain, president of ITT Fluid and Motion Control. This acquisition is another example of ITTs strategy to build upon our core businesses and use our strong financial position to expand in growing global economies like Brazil.
Our acquisition of Canberra will support ITTs expansion in Brazils oil, gas and mining industries that demand dependable heavy-duty pumps and valves. In addition, we will introduce ITTs leading-edge technology to Canberras existing product portfolio to better serve the Brazilian customer base, said Bob Pagano, president of ITTs Industrial Process (IP) business.
Canberra operates a manufacturing facility in Salto, Sao Paulo State, employing 90 people. The company generated approximately $10 million in revenues in 2009.
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