ITT to use revolver borrowings for Rheinhutte Pumpen purchase

By Sara Rosenberg

New York, Feb. 22 – ITT Inc. plans on drawing on its revolving credit facility and using cash on hand to fund its roughly $91.5 million acquisition of Rheinhutte Pumpen Group from Aliaxis Group SA, according to a news release.

Closing is expected in the second quarter, subject to customary conditions, including regulatory approvals.

ITT is a White Plains, N.Y.-based manufacturer of highly engineered critical components and customized technology solutions for the energy, transportation and industrial markets. Rheinhutte is a Wiesbaden, Germany-based designer and manufacturer of centrifugal and axial flow pumps.

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