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ITT Corporation
ITT Corporation
11/13/2012 | Press release
ITT continues portfolio shaping by announcing sale of shape cutting product lines to Lincoln Electric
distributed by noodls on 11/13/2012 16:39
ITT continues portfolio shaping by announcing sale of shape cutting product lines to Lincoln Electric
Disposition includes Burny, Kaliburn and Cleveland Motion Controls brands
ITT Corporation (NYSE: ITT) announced today the sale of its shape cutting product lines, including the Burny and Kaliburn brands, to Lincoln Electric Holdings, Inc. (Nasdaq: LECO), a global manufacturer of welding, cutting and joining products headquartered in Cleveland, Ohio. The sale also includes web tension control products and custom engineered systems sold under the Cleveland Motion Controls brand.
Terms of the transaction were not disclosed.
"This disposition is in line with ITT Corporation's efforts to shape our portfolio after the spin-offs of our water and defense businesses one year ago," said Denise Ramos, chief executive officer and president of ITT Corporation.
The product lines that are part of today's disposition generated revenue of $35 million in 2011 with approximately 140 employees globally. These products were previously part of ITT's Control Technologies segment, located primarily in Ladson, South Carolina.
"This is an outstanding team of people, managing powerful brands in the markets they serve," said Munish Nanda, president of ITT's Control Technologies business. "However, as part of ITT's overall strategic portfolio shaping effort, we determined that while these product lines are well-positioned within their markets, they were not aligned with the future focus of the Control Technologies business on aerospace, energy absorption and precision motion control applications. We believe that their acquisition by Lincoln Electric will provide new opportunities for them, as well as greater value creation within Control Technologies."
About ITT
ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the energy, transportation and industrial markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. Founded in 1920, ITT is headquartered in White Plains, N.Y., with employees in more than 35 countries and sales in a total of approximately 125 countries. The company generated 2011 revenues of $2.1 billion.www.itt.com.
Kathleen Bark
tel +1 914-641-2103
kathleen.bark@itt.com
Melissa Trombetta
tel +1 914-641-2030
melissa.trombetta@itt.com
