German pump maker Laing GmbH is to be bought by US firm ITT - the makers of Lowara pumps.
Headquartered in Remseck, Germany, Laing produces energy-efficient circulator pumps used in residential and commercial HVAC systems and has operations in Germany, Hungary, the US and Japan. Upon completion of the acquisition, Laing will be integrated into ITT's Residential and Commercial Water business (ITTR&CW).

The acquisition agreement coincides with the EU's decision to ban low and standard efficiency circulating pumps from 2013.The EU rule states that from 2015, only very high efficiency intelligent circulators will be allowed.

'Laing's energy-efficient A-class circulator pumps are an ideal match for our own HVAC products for the building services market, particularly with our Lowara and Flygt brands in Europe and Bell & Gossett in the Americas,' said Ken Napolitano, president of ITT's Residential and Commercial Water business.

Gretchen McClain, president of ITT's Fluid and Motion Control business said 'Upon completion of the acquisition, ITT will be able to offer customers a comprehensive range of high-performance and 'green' pump technology and products that meet more stringent energy standards.'

The ITT Corporation signed an agreement to purchase Laing for an undisclosed sum. ITTR&CW is a global manufacturer of water and wastewater pumps, valves, heat exchangers, controls, and package solutions. ITTR&CW includes product brands Bell & Gossett, McDonnell & Miller, Goulds Pumps, Lowara and A-C Fire Pump.

Laing employs 500 people and generated 2008 global revenues of $40 million USD. ITT, headquartered in White Plains, N.Y., generated sales of $11.7 billion in 2008.

'The combination of Laing with ITT's building services business is a logical step in our evolution,' said Oliver Laing, chief executive officer of Laing. He added: 'The strength of ITT's brands and their commitment to leading-edge technology means that we will have even more resources to develop new and innovative products for our customers, and expand our global reach.'

ITT expects to complete the acquisition by the second quarter, pending regulatory approval.