ITT to acquire SPX Flow
ITT, provider of engineered components and technologies, has entered into a definitive agreement with Lone Star Funds to acquire SPX Flow, provider of equipment and process technologies for industrial markets.
The acquisition of SPX Flow adds critical equipment and adjacent flow and process technologies that extend ITT’s capabilities.
The U.S.-based company brings technical expertise and aftermarket services for pumps, valves, mixers and other flow and process solutions. Upon close, SPX Flow will join ITT’s Industrial Process (IP) segment, which specializes in centrifugal and twin screw pumps and engineered valves.
“The acquisition of SPX Flow checks all the boxes,” said Luca Savi, ITT’s chief executive officer and president. “It builds on our core strength in highly engineered components, brings adjacent technologies to the core, expands our total addressable market, it is well run and to top it off is an outstanding cultural fit. The addition of SPX Flow’s world-class, critical industrial equipment and flow technologies, including premier brands like Waukesha Cherry-Burrell, Lightnin and Bran+Luebbe, enhances our ability to address complex customer challenges at even greater scale. ITT’s playbook of differentiation in execution and innovation combined with SPX Flow’s leading brands and engineering expertise creates significant opportunity for long-term value creation. On behalf of ITT, I am truly honored to partner with SPX Flow’s talented team of approximately 3,800 employees to better serve and work hard for our customers and our shareholders.”
SPX Flow President and CEO Marc Michael added: “Joining ITT marks the beginning of an exciting new chapter for our company. ITT’s world-class Industrial Process businesses are a natural fit for SPX Flow’s market-leading industrial, health, and nutrition brands. By leveraging our joint global capabilities, we can provide customers with the technology, engineering and operational capabilities to create innovative solutions for their process needs, resulting in exceptional business performance.”
