ITT Corporation announcedhas completed its previously announced acquisition of OI Corporation, (OI) for approximately $29 million.
OI is a leading provider of innovative instrumentation for laboratory and environmental testing in the pharmaceutical, petrochemical, power and industrial markets. The company's portfolio will enhance ITT's Analytics business, which was formed earlier this year with the acquisition of Nova Analytics.
"The addition of OI to our existing portfolio supports our strategy to acquire attractive companies to grow our presence in the $6 billion global analytical instrumentation market," said Chris McIntire, president of ITT Analytics. "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."
OI was founded in 1963, and specializes in innovative total organic carbon (TOC) analyzers and gas-chromatography related instrumentation, as well as consumables and services. OI reported 2009 revenues of $20 million. Its products are sold worldwide by direct sales, independent representatives, and distributors.
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