WHITE PLAINS, N.Y. – ITT Corp announced Tuesday it has an agreement to acquire International Motion Control (IMC) for $395 million.
The transaction is expected to be complete in the third quarter.
"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 and motion control applications," said Steve Loranger, chairman, president and chief executive officer of ITT.
IMC is a developer of motion control products and had 2006 revenues of $200 million.
ITT Corp is involved in the transport, treatment and control of water, wastewater and other fluids.