YSI had 2010 global revenues of $101 million and employs 390 people at facilities in the U.S., Europe and Asia.
Completion of the acquisition is expected in the third quarter 2011, pending closing conditions and approval from YSI’s shareholders, the two companies said.
“The addition of YSI is the next logical step in our strategy to acquire attractive companies whose businesses complement our existing water portfolio,” Gretchen McClain, president of ITT’s Fluid and Motion Control business, said in the statement. McClain will be chief executive of the new standalone water company that will separate from ITT later this year, the companies said.
A message was left for a YSI spokeswoman. It was not immediately clear what the acquisition means for YSI’s local work force.
A spokeswoman for ITT said no interviews with company officials could be granted until the merger was complete.
ITT’s analytics business is a manufacturer of field, portable, laboratory and online analytical instruments used in water and wastewater, environmental, medical, and food and beverage applications.
“We believe joining ITT offers a great opportunity to continue growing our business, and I’m especially pleased that YSI will live on within a strong global company united around water,” Rick Omlor, YSI chairman and CEO, said in the announcement. “With a 63-year legacy founded in scientific discovery and innovation, YSI’s strong brand equity, backed by ITT’s global citizenship philosophy is the right choice to move YSI into the future.”
YSI was founded in 1948. It has 390 employees in 22 locations.
ITT is headquartered in White Plains, N.Y. Last year, the company saw revenue of $11 billion.
Shares of ITT (NYSE: ITT) were trading down early Monday afternoon about 79 cents at about $58.05.