ITT broadens portfolio
ITT Corporation has signed a definitive agreement to acquire Laing GmbH of Germany, a privately-held leading producer of energy efficient circulator pumps primarily used in residential and commercial plumbing and heating, ventilating and air conditioning (HVAC) systems. Once completed, the acquisition will significantly broaden ITT’s offering and will reflect the company’s continued strategic focus on satisfying the market’s growing demand for energy efficiency and lower life-cycle costs.
“The addition of Laing’s energy-efficient circulators to ITT’s product portfolio significantly expands our offering to customers in the HVAC industry,” said Gretchen McClain, president of ITT’s Fluid and Motion Control business. “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.”
“The combination of Laing with ITT’s building services business is a logical step in our evolution,” said Oliver Laing, chief executive officer of Laing. “The strength of ITT’s brands and their commitment to leading edge technology means that we will have even more resources to develop new and innovative products for our customers, and expand our global reach.”
“Laing’s energy-efficient A-class circulator pumps are an ideal match for our own HVAC products for the building services market, particularly with our Lowara and Flygt brands in Europe and Bell & Gossett in the Americas,” said Ken Napolitano, ITT’s President of Residential and Commercial Water business.
European Union rules are expected to soon require the rating of circulators in an effort to save energy. A-class rated circulators, such as those that will be offered by ITT upon completion of the acquisition of Laing, provide another energy-efficient solution for residential buildings.