WHITE PLAINS, N.Y.—Manufacturing conglomerate ITT Corp. said Thursday it has agreed to acquire one of its long-time distributors, Blakers Pump Engineers, for an undisclosed sum.
Blakers distributes ITT's Goulds Pumps brand in Australia. The brand makes industrial pumps for the chemical, oil and gas, mining, power and general industrial markets.
The acquisition is scheduled to close before the end of this year ITT said the deal will strengthen its presence in Australia, especially in the oil and gas and mining industries.
Blakers' fiscal 2011 revenue was about $27 million.
ITT shares fell 63 cents in morning trading to $45.29.