ITT to Provide Highly Engineered Pump Systems and Aftermarket Services
February 05 2024 - 9:00AM
Business Wire
Feb. 5, 2024-- ITT Inc. (NYSE: ITT) today announced the company
has signed a three-year agreement for the supply of API-610
centrifugal pump systems and related products and engineered
services to ExxonMobil, one of the world’s largest international
energy and petrochemical companies. The agreement contains a $50
million minimum contract commitment, with a total potential value
of $80 million in revenue over the term, and represents the largest
single contract ever awarded to Goulds Pumps, ITT’s industrial
pumps and valves manufacturer.
Goulds Pumps, a part of ITT’s Industrial Process (IP) segment,
will provide heavy duty engineered centrifugal pump systems and
aftermarket parts and services to ExxonMobil to support its
existing operations, primarily in North America. Under the
agreement, ExxonMobil has the ability to leverage proprietary ITT
technology to enhance the user experience while lowering the total
cost of ownership through shortened project cycle times. Goulds
Pumps will also provide enterprise-wide support and a dedicated
global project management team to oversee execution of the
agreement.
“We are humbled and honored to partner with a blue-chip energy
company like ExxonMobil on this important award. Our teams in North
America, India and South Korea will work hard to serve ExxonMobil
locally in each region to deliver high-quality pumps that meet our
customer’s expectations, and to provide a frictionless customer
experience. The award is a testament to the work our teams have
done to position ITT as a supplier of choice for flow applications
worldwide,” said Luca Savi, ITT’s Chief Executive Officer and
President.
IP is a global leader in centrifugal and twin-screw pumps for
the chemical, energy, mining and industrial markets with ~$1
billion in revenue in 2022. The segment has 17 manufacturing
locations and ~2,700 employees globally. In April 2022, ITT
acquired privately held Habonim, an Israeli-based leading
manufacturer of ball valves and actuation technologies for harsh
applications to grow IP’s valves portfolio. In November 2023, ITT
announced the acquisition of Svanehøj, a Denmark-based pump
manufacturer with leading positions in cryogenic applications for
the marine sector, including deepwell gas cargo pumps, fuel and
energy pumps and tank control systems, which closed on Jan. 19,
2024.
About ITT
ITT is a diversified leading manufacturer of highly engineered
critical components and customized technology solutions for the
transportation, industrial, and energy 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. ITT is headquartered in Stamford, Connecticut, with
employees in more than 35 countries and sales in approximately 125
countries. For more information, visit www.itt.com.
ITT-O
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version on businesswire.com: https://www.businesswire.com/news/home/20240205495777/en/
Media: Phil Terrigno +1
914-641-2143 phil.terrigno@itt.com
Investors: Mark Macaluso +1
914-641-2064 mark.macaluso@itt.com
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