ITT Announces $11 Million Investment for Expanded Pump Testing Capabilities in Germany, India and Saudi Arabia
STAMFORD, Conn.–(BUSINESS WIRE)–March 21, 2024– ITT Inc. (NYSE: ITT) today announced an approximately $11 million investment to expand testing capabilities at three of its Industrial Process (IP) sites to enhance capacity for large project awards in its flow business, reinforcing the company’s commitment to an exceptional customer experience.
The investments at IP facilities in Obernkirchen, Germany, Vadodara, India and Dammam, Saudi Arabia will increase ITT’s power capacity in pump, motor and control systems testing, enabling the company to locally test larger, more complicated pump packages. The investments are expected to be completed in the third quarter of 2024.
At ITT’s Goulds Pumps sites in Saudi Arabia and India, the investments will support future growth as part of ITT’s ‘in region, for region’ strategy. At ITT’s Bornemann pumps site in Obernkirchen, Germany, the company will have the unique ability to replicate field conditions through complete unit multiphase fluid testing once the investments are completed, including a special focus on pump packages deployed in carbon capture and decarbonization applications globally.
“These strategic investments will further enhance our capabilities and customer experience and continue to differentiate ITT from the competition,” said Luca Savi, ITT’s Chief Executive Officer and President. “Our added capabilities will be a critical part of our commitment to becoming the preferred global flow provider by offering a superior solution through innovation, world-class customer service and flawless execution.”
IP is a global leader in centrifugal and twin-screw pumps for the chemical, energy, mining and industrial markets with ~$1.1 billion in revenue in 2023. The segment has 17 manufacturing locations and ~3,300 employees globally.
About ITT
ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in Stamford, Connecticut, with employees in more than 35 countries and sales in approximately 125 countries. For more information, visit www.itt.com.
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