ITT Corp. will acquire environmental water monitoring company YSI Inc. for an undisclosed amount.
The purchase is part of ITT’s effort to strengthen its water instrumentation offerings, the company said July 11.
Gretchen McClain, president of ITT's Fluid and Motion Control business, will take over as CEO of the new standalone water company that will separate from ITT later this year.
“The addition of YSI is the next logical step in our strategy to acquire attractive companies whose businesses complement our existing water portfolio," said McClain in a statement."We see very compelling growth characteristics in the analytical instrumentation market. As we move toward the formation of our new water company, the addition of YSI further builds on our attractive analytics business and our commitment to provide the best solutions to the challenges our customers face across the water industry."
YSI is a developer and manufacturer of sensors, instruments, software and data-collection platforms for environmental water monitoring. YSI had 2010 revenues of $101 million. The company employs 390 people throughout the United States, Europe and Asia.
ITT expects to complete the acquisition in the third quarter of 2011.
For more information, visit http://www.itt.com.