ITT grows its marine business

WHITE PLAINS, N.Y. – ITT Corp. (NYSE: ITT) has completed the acquisition of International Motion Control (IMC), it reported in a recent statement.

Buffalo, N.Y.-based IMC is a global developer of motion control products with 2006 revenues of approximately $200 million. The acquisition agreement was announced on June 26 this year.

Earlier this year, IMC company Enidine Inc. acquired Ameritool Manufacturing LLC, which supplies marine businesses and other industries with stainless steel gas springs and dampers. The ITT acquisition marks the second time in only seven months that the company’s ownership has changed.

“We’re pleased to report the transaction closed smoothly and ahead of schedule, allowing us to begin the integration process immediately,” said Nick Hill, president of ITT’s motion and flow control business. “We remain very excited about the future prospects of our combined organization and look forward to a smooth integration.”

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