ITT Corp., White Plains, N.Y., has announced it will acquire International Motion Control (IMC), Buffalo, for $395 million. IMC is a global developer of motion control products. The acquisition will be completed in the third quarter.
According to Steve Loranger, chairman, president, and CEO of ITT, the acquisition will complement ITT's growth in the motion and flow control market. IMC manufactures specialty energy absorption, industrial, and aviation control and automation technology under the brand names of Burny, Enidine, Compact Automation, CMC, and Midland-ACS, among others.
Nick Hill, president of the ITT Motion and Flow Control group, will continue to lead the integrated organization.