ITT Corporation announced today it has signed an agreement to acquire Joh. Heinr. Bornemann (Bornemann Pumps), a global provider of highly engineered pumps and systems for the oil and gas industry.

Headquartered in Germany, Bornemann Pumps has a strong international installed base of multiphase pumping systems for the oil and gas market. The company also serves the industrial, food and pharmaceutical sectors. Founded in 1853, Bornemann has a solid record of growth with estimated fiscal 2012 revenue of €115 million and employs more than 550 employees globally.

The transaction, valued at €206 million, would be funded from the company's cash and is expected to close in the fourth quarter of 2012, subject to customary closing conditions, including appropriate regulatory approvals.