ITT Corporation (NYSE:ITT) has reached an agreement with O.I. Corporation (OI) (NASDAQ:OICO) to purchase outstanding OI shares for approximately $29 million.
The deal is projected to close late this year.
OI focuses on providing “instrumentation for laboratory and environmental testing in the pharmaceutical, petrochemical, power and industrial markets.”
ITT’s Analytics business will benefit from OI’s portfolio.
“We see very compelling growth characteristics in the analytical instrumentation market, and the addition of OI is right in line with our strategy to acquire attractive companies whose businesses are a nice complement to our existing portfolio, ” Gretchen McClain, ITT senior vice president and president of its Fluid and Motion Control group, said.
