WHITE PLAINS, N.Y. (AP) -- ITT Corp. said Monday that it has reached an agreement to buy pump maker Godwin Pumps for $585 million.
ITT, which operates business ranging from water treatment to defense contracting, said the deal will strengthen its presence in the market for water and wastewater services.
Godwin makes automatic, self-priming portable pumps that are rented to companies in segments such as construction, energy and mining.
The pump company employs 800 people in the U.S. and England. It is projected to post $235 million in revenue this year, up from $200 million in revenue in 2009.
The deal, which is subject to regulatory review, is expected to close in the third quarter. It will hurt earnings per share by 3 to 5 cents this year but add to profit next year.