Headquartered in Obernkirchen, Bornemann Pumps specialises in multiphase pumping systems for the oil & gas sector, and also serves the marine, chemical, industrial, food and pharmaceutical markets.

Founded in 1853, Bornemann Pumps has estimated fiscal 2012 revenues of €115 million and employs more than 550 people.

"The acquisition of Bornemann Pumps would unlock powerful new opportunities for ITT to expand into new markets within the global oil & gas industry," said Denise Ramos, ITT CEO and president. "The addition of Bornemann's positive displacement technology would broaden our capabilities while further positioning ITT as a leader in this key end market and enhancing our ability to serve customers through expanded global operational and service platforms."

Robert Pagano Jr, president of ITT's Industrial Process business, said that Bornemann's twin- screw technology and multiphase applications experience will align strategically with ITT's Industrial Process business, complement the Goulds Pumps brand and expand the company's presence in upstream oil & gas production. "The acquisition would also bring together two companies with strong aftermarket and emerging market focus, as well as management teams and employees with shared values and a commitment to quality, performance and customer satisfaction. We look forward to the opportunity to continue to build on the foundation Bornemann has established and to being a part of the Obernkirchen community," said Pagano.