ITT to acquire YSI Incorporated
- Published: July 11, 2011
YSI Incorporated and ITT Corporation, a multi-national corporation with 40,000 employees worldwide and revenues of $11 billion, announced today that the two companies have agreed that ITT will acquire YSI sometime in the third quarter of this year.
According to YSI Executive Vice President Gayle Rominger on June 11, YSI operations will remain in Yellow Springs.
“The plan all along is we were looking for a partner interested in keeping the facilities in place,” Rominger said today. “It’s our understanding that’s their plan.”
However, it’s too soon to speculate on any changes in structure or personnel for YSI after the acquisition, she said.
YSI, currently the village’s largest employer with 181 employees, announced in March that it was seeking a strategic partner. The company did so in response to shareholders who sought liquidity from their stock, YSI President Rick Omlor said at the time. While Omlor stated then that the company sought a buyer that would keep the company in Yellow Springs, he could not guarantee that would happen.
Rominger on Monday said she could not comment on the price of the acquisition or the identity of other companies seeking to buy YSI. ITT Corporation was chosen, she said, because, “We thought it was a good fit. They’re in the water business, and have a good reputation and good products.”
YSI Incorporated has 390 employees worldwide and revenues in 2010 of $101 million. It’s considered a leading developer and manufacturer of sensors, instruments, software and data collection platforms for environmental water monitoring, according to the June 11 press release.
Founded in 1920 as International Telephone and Telegraph, ITT has three vital markets, according to the press statement: water and fluids management, global defense and security, and motion and flow control. It is working toward the creation of a stand-alone water company that will separate from ITT later this year, according to the press release.