ITT To Provide Highly Engineered Pump Systems And Aftermarket Services; Agreement Contains A $50M Minimum Contract Commitment, With A Total Potential Value Of $80M In Revenue Over The Term
Portfolio Pulse from Benzinga Newsdesk
ITT Inc. has signed a three-year agreement with ExxonMobil for the supply of API-610 centrifugal pump systems and related services, with a minimum commitment of $50M and potential to reach $80M in revenue. This marks the largest contract for Goulds Pumps, a part of ITT's Industrial Process segment. The deal aims to support ExxonMobil's operations in North America, leveraging ITT's technology to enhance efficiency and reduce costs. ITT's IP segment, a leader in pump and valve technologies, has recently expanded through acquisitions, including Habonim and Svanehøj.
February 05, 2024 | 2:06 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
ITT Inc. has entered into a significant agreement with ExxonMobil, potentially generating up to $80M in revenue over three years for its Goulds Pumps division. This partnership not only underscores ITT's leadership in pump and valve technology but also highlights its strategic growth through recent acquisitions.
The agreement with ExxonMobil represents a significant revenue opportunity for ITT, potentially boosting its financial performance. The deal also reinforces ITT's position as a leading supplier in the pump and valve market, likely positively impacting investor sentiment and stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100