- ITT Inc. (NYSE: ITT) has acquired Clippard Instrument Laboratories' product lines of durable, low maintenance, and cost-competitive interchangeable pneumatic cylinders. Deal terms were not disclosed.
- The product lines include stainless steel, brass, and aluminum cylinders and volume tanks.
- This acquisition will expand ITT's Compact Automation product offering of air cylinders and linear and rotary actuators used in applications such as robotics, packaging, and automation.
- The acquisition closed in the second quarter of 2022.
- "This expanded product line offers our customers a single source of critical application solutions for challenging environments. The acquisition expands ITT's presence in attractive end markets, including automation, and builds on our already strong position in components," commented Ryan Flynn, President of ITT Connect & Control Technologies.
- ITT's Compact business will expand its Westminster, South Carolina operations, including engineering, assembly, machining, customer service, and quality departments, to house the newly acquired Clippard cylinder production assets.
- ITT held cash and equivalents of $526.5 million as of July 2, 2022.
- Price Action: ITT shares are trading higher by 3.44% at $80.70 on the last check Wednesday.
Read at Benzinga