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ITT Inc. (NYSE:ITT) today announced the company has signed a three-year agreement for the supply of API-610 centrifugal pump systems and related products and engineered services to ExxonMobil, one of the world's largest international energy and petrochemical companies. The agreement contains a $50 million minimum contract commitment, with a total potential value of $80 million in revenue over the term, and represents the largest single contract ever awarded to Goulds Pumps, ITT's industrial pumps and valves manufacturer.
Goulds Pumps, a part of ITT's Industrial Process (IP) segment, will provide heavy duty engineered centrifugal pump systems and aftermarket parts and services to ExxonMobil to support its existing operations, primarily in North America. Under the agreement, ExxonMobil has the ability to leverage proprietary ITT technology to enhance the user experience while lowering the total cost of ownership through shortened project cycle times. Goulds Pumps will also provide enterprise-wide support and a dedicated global project management team to oversee execution of the agreement.
"We are humbled and honored to partner with a blue-chip energy company like ExxonMobil on this important award. Our teams in North America, India and South Korea will work hard to serve ExxonMobil locally in each region to deliver high-quality pumps that meet our customer's expectations, and to provide a frictionless customer experience. The award is a testament to the work our teams have done to position ITT as a supplier of choice for flow applications worldwide," said Luca Savi, ITT's Chief Executive Officer and President.
IP is a global leader in centrifugal and twin-screw pumps for the chemical, energy, mining and industrial markets with ~$1 billion in revenue in 2022. The segment has 17 manufacturing locations and ~2,700 employees globally. In April 2022, ITT acquired privately held Habonim, an Israeli-based leading manufacturer of ball valves and actuation technologies for harsh applications to grow IP's valves portfolio. In November 2023, ITT announced the acquisition of Svanehøj, a Denmark-based pump manufacturer with leading positions in cryogenic applications for the marine sector, including deepwell gas cargo pumps, fuel and energy pumps and tank control systems, which closed on Jan. 19, 2024.
Posted In: ITT
