Newly relocated CT manufacturer reports revenue growth amid M&A spree
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ITT Inc. is headquartered at 100 Washington Blvd., in Stamford.
A global manufacturer and technology company that moved its headquarters to Connecticut several years ago is reshaping its portfolio with a number of M&A deals.
Stamford-based ITT Inc. — which makes highly engineered components and develops customized technology products for various industries, including automotive, chemical, aerospace, rail, industrial and energy — on Thursday announced it has made a $475 million acquisition and $171 million divestiture.
The deals are part of a strategy to “shift focus to higher growth and margin businesses,” the company said. Specifically, the company is shifting toward “attractive defense and aerospace interconnect markets while reducing our automotive exposure.”
ITT said it has acquired kSARIA Parent Inc., a defense and aerospace technology company based in New Hampshire. The deal is expected to close in the third quarter of this year, pending regulatory approval.
KSARIA has about 1,000 employees across six manufacturing sites in North America, ITT said, and the company generated about $175 million in sales last year.
ITT also said it sold off its Wolverine Advanced Materials automotive components business to private equity firm Center Rock Capital Partners LP.
These deals follow three previous acquisitions ITT said it has made to expand its flow and connector portfolios; it also sold two other non-core product lines.
In total, the company said it has spent over $1 billion in acquisitions over the past two years.
ITT, which moved to Connecticut from New York in 2021, has a number of portfolio companies.
In the second quarter, the publicly traded company reported a 9% increase in revenues, to $905.9 million, and profits of $119.2 million, or $1.45 per diluted share, vs. $108.2 million, or $1.31 per diluted share, in the year-ago period.
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