ITT to Acquire YSI Incorporated; Deal Strengthens Company's Water Instrumentation Business

ITT Corporation ITT and privately held YSI Incorporated today announced a definitive agreement for ITT to acquire, via merger, YSI, a developer and manufacturer of sensors, instruments, software, and data collection platforms for environmental water monitoring. YSI had 2010 global revenues of $101 million and employs 390 people at several facilities in the U.S., Europe and Asia. Completion of the acquisition is expected in the third quarter 2011, pending customary closing conditions and approval from YSI's shareholders. “The addition of YSI is the next logical step in our strategy to acquire attractive companies whose businesses complement our existing water portfolio,” said Gretchen McClain, president of ITT's Fluid and Motion Control business, and future chief executive officer of the new standalone water company that will separate from ITT later this year. “We see very compelling growth characteristics in the analytical instrumentation market. As we move toward the formation of our new water company, the addition of YSI further builds on our attractive analytics business and our commitment to provide the best solutions to the challenges our customers face across the water industry.”