ITT Corporation has completed the acquisition of OI Corporation, a provider of instrumentation for laboratory and environmental testing, for $29m, as part of its plan to expand presence in global analytical instrumentation market.
OI’s portfolio is expected to enhance ITT’s Analytics business, which was formed earlier this year with the acquisition of Nova Analytics.
ITT Analytics is a manufacturer of field, portable, laboratory and online analytical instruments used in water and wastewater, environmental, medical, and food and beverage applications
Reportedly, on 18 February 2010, ITT has acquired Nova Analytics, as a natural extension of ITT’s $4.7bn Fluid and Motion Control business.
ITT Analytics president Chris McIntire said that the addition of OI to their existing portfolio supports strategy to acquire attractive companies to grow their presence in the $6bn global analytical instrumentation market.
“Combining OI with our own product offering allows us to expand our technical expertise to serve our instrumentation customers, and will enable us to better serve our global customers,” McIntire said.
OI was founded in 1963, and specialises in total organic carbon (TOC) analyzers and gas-chromatography related instrumentation, as well as consumables and services.