ITT Corp. is acquiring two U.S. companies as it seeks to build its newly launched commercial aviation data service and its new analytics business.
In a deal expected to close by December, the White Plains-based company will acquire the Airport Operations Solutions group of SRA International Inc. at an undisclosed price. The SRA group”™s web-based airport operation management platform, AirScene.com, is used by more than 50 major airports.
ITT also agreed to pay about $29 million, or $12 per share, to acquire O.I. Corp., a leading provider of instruments for laboratory and environmental testing in the pharmaceutical, petrochemical, power and industrial markets. O.I. Corp. will become an ITT subsidiary, doing business as OI Analytical. That deal too is expected to close this year.
ITT officials said the addition of the Airport Operations Solutions group will strengthen the company”™s business portfolio as it accelerates its commercial strategy for growth in the air traffic management industry. ITT has positioned its recently launched commercial aviation data service as a single reliable source of nationwide real-time surveillance and flight information for airport operators, airlines and aviation service companies.
The AOS group, with reported annual revenue of about $3.5 million, employs 17 full-time workers in Herndon, Va., Austin, Texas, and Boston.
John Kefaliotis, ITT’s vice president of next generation transportation systems, in a prepared statement said the fusion of the company”™s rapidly updating aviation data service with the AirScene.com application suite on one centrally hosted platform “will allow ITT to rapidly deliver cloud-based business intelligence solutions that solve our aviation customers”™ pressing operational needs” at significantly lower cost.
Company officials said the OI acquisition will strengthen the portfolio of ITT”™s analytical instruments business, formed earlier this year with its acquisition of Nova Analytics. The White Plains company plans to leverage its European brands and channels to bring its new subsidiary”™s technologies to those markets, said Chris McIntire, president of ITT Analytics.
Founded in 1963, OI reported 2009 revenues of $20 million and projects $25 million in total revenue this year. The company is headquartered in College Station, Texas, and employs 125 people.
ITT Analytics manufactures laboratory, field, portable, and on-line analytical instruments used in water and wastewater, environmental, medical and food and beverage applications.
