WHITE PLAINS, N.Y.--(BUSINESS WIRE)--
The acquisition of Wolverine, which will vertically integrate an existing automotive supplier, will also give ITT the opportunity to leverage its automotive and industrial channels to accelerate growth in seals for pumping applications and to use Wolverine’s elastomeric technologies to develop new aerospace and industrial applications.
“With the acquisition of Wolverine, ITT will be able to offer its strategic OEM, brake manufacturer and aftermarket customers an expanded portfolio of highly engineered automotive components including key braking and sealing technologies,” said Denise Ramos, chief executive officer and president. “With leading market positions and long-standing brands, ITT and Wolverine will both have new opportunities to strengthen our capabilities and create long-term value through an expanded presence in key geographies and end markets.”
“While this transaction will broaden ITT’s offering to customers, it also will give both companies new opportunities to strengthen design, testing and performance capabilities,” said Luca Savi, president of ITT’s Motion Technologies business. “This acquisition will also allow Wolverine to leverage ITT’s manufacturing capabilities, operational systems, materials science expertise and legacy of quality and performance to enhance the solutions and service it provides customers.”
Grant Beard, Wolverine chairman and chief executive officer, said, “Wolverine is very excited about joining ITT. The strategic fit and the cultural alignment between the two organizations is very strong. This transaction will allow us to accelerate our growth and better serve our customers as well as provide enhanced opportunities for our employees.”
The transaction purchase price of approximately $300 million, free of debt, will be funded from the company’s cash and revolving credit facility. The final purchase price is subject to a customary net working capital adjustment. The transaction is expected to close in the fourth quarter of 2015, subject to customary closing conditions, including appropriate regulatory approvals. Wolverine, which is headquartered in
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ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the energy, transportation and industrial 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. Founded in 1920, ITT is headquartered in