ITT Corporation Acquires Kaliburn, Inc.
Cleveland, Ohio April 3 - ITT Corporation today announced that it has completed the acquisition of Kaliburn Inc. ("Kaliburn"), through its wholly-owned subsidiary CLEVELAND MOTION CONTROLS, INC. ("CMC"), headquartered in Cleveland Ohio. Kaliburn, located in Charleston South Carolina, is a market leader in the design and manufacture of plasma arc cutting equipment and consumables in metal fabrication. Financial terms of the transaction were not disclosed. Kaliburn will be strategically aligned within ITT's Motion and Flow Controls group under the Controls Value Center.
"This acquisition broadens our product offering, leverages our leading-edge technology and allows our customers and distributors a wider array of integrated plasma cutting and numerical control system solutions," said Wayne Foley, President of CMC. "We are very pleased to welcome the Kaliburn team and its customers to the ITT family, and pledge to maintain the level of quality they've come to expect from us."
Kaliburn's products and services will be sold and marketed along with the Burny/AMC product line. Kaliburn's plasma arc cutting systems, used in cutting ferrous and non-ferrous metals, will complement the Burny and AMC numerical control products, which are also marketed to the metal fabricating industry.
Established in 1986, Kaliburn (formerly known as InnerLogic, Inc.) is an industry leading manufacturer of plasma cutting systems. Steve Hardwick, former President of Kaliburn and its new Chief Technologist, said "Becoming part of ITT Controls allows Kaliburn the opportunity to grow faster by utilizing ITT's vast resources and global reach. Our product development efforts will accelerate, distribution channels will broaden and our association with the Burny and AMC product brands will greatly increase our presence in the global marketplace."
About ITT Corporation
ITT Corporation (www.itt.com) is a diversified high-technology engineering and manufacturing company dedicated to creating more livable environments, enabling communications and providing protection and safety. The company plays an important role in vital markets including water and fluids management, global defense and security, and motion and flow control. ITT employs approximately 40,000 people serving customers in more than 50 countries. Headquartered in White Plains, N.Y., the company generated $9 billion in 2007 sales.
Contact: Kristy Hitesman