ITT Announces ~$11M Investment For Expanded Pump Testing Capabilities In Germany, India And Saudi Arabia To Support Growth And Large Project Awards

Author: Benzinga Newsdesk | March 21, 2024 09:05am

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.

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