A spokesman for ITT said a small portion of this total would be used for the Laing buy-out and said the company would reveal the exact figure by the end of the year.
Laing is a privately owned producer of energy-efficient circulator pumps primarily used in residential and commercial plumbing and heating, ventilating and air conditioning (HVAC) systems.
ITT believes the acquisition, which must be approved by the regulatory authorities, will broaden its portfolio of energy efficient products.
President of ITT’s Fluid and Motion Control business Gretchen McClain said: “The addition of Laing’s energy-efficient circulators to ITT’s product portfolio significantly expands our offering to customers in the HVAC industry.
“Upon completion of the acquisition, ITT will be able to offer customers a comprehensive range of high-performance and ‘green’ pump technology and products that meet more stringent energy standards.”
Laing chief executive Oliver Laing said: “The combination of Laing with ITT’s building services business is a logical step in our evolution.
“The strength of ITT’s brands and their commitment to leading edge technology means that we will have even more resources to develop new and innovative products for our customers, and expand our global reach.
ITT’s President of Residential and Commercial Water business Ken Napolitano said: “Laing’s energy-efficient A-class circulator pumps are an ideal match for our own HVAC products for the building services market, particularly with our Lowara and Flygt brands in Europe and Bell & Gossett in the Americas.”
ITT was attracted to Laing as it expects European Union laws to soon demand the rating of circulators as part of energy efficient measures.
Laing is headquartered in Remseck in Germany and also has operations in Hungary, the United States and Japan.
The company employs approximately 500 people worldwide and generated 2008 global revenues of €30 million ($40 million U.S.).