Mon, 08/31/2015 - 00:00

WHITE PLAINS, N.Y. (Aug. 31, 2015) – ITT Corporation has signed an agreement to acquire Wolverine Automotive Holdings Inc., the parent company of Wolverine Advanced Materials LLC, a global provider of customized technologies for automotive braking systems and specialized sealing solutions for harsh operating environments across a range of industries. "With the acquisition of Wolverine, ITT will be able to offer its strategic OEM, brake manufacturer and aftermarket customers an expanded portfolio of highly engineered automotive components including key braking and sealing technologies," said Denise Ramos, chief executive officer and president. "With leading market positions and long-standing brands, ITT and Wolverine will both have new opportunities to strengthen our capabilities and create long-term value through an expanded presence in key geographies and end markets." The acquisition of Wolverine, which will vertically integrate an existing automotive supplier, will also give ITT the opportunity to leverage its automotive and industrial channels to accelerate growth in seals for pumping applications and to use Wolverine's elastomeric technologies to develop new aerospace and industrial applications. "While this transaction will broaden ITT's offering to customers, it also will give both companies new opportunities to strengthen design, testing and performance capabilities," said Luca Savi, president of ITT's Motion Technologies business. "This acquisition will also allow Wolverine to leverage ITT's manufacturing capabilities, operational systems, materials science expertise and legacy of quality and performance to enhance the solutions and service it provides customers." Grant Beard, Wolverine chairman and chief executive officer, added, "Wolverine is very excited about joining ITT. The strategic fit and the cultural alignment between the two organizations is very strong. This transaction will allow us to accelerate our growth and better serve our customers as well as provide enhanced opportunities for our employees." ITT is a diversified manufacturer of highly engineered critical components and customized technology solutions for the energy, transportation and industrial markets.