NFPA member news is designed to inform members of key industry updates in quick, bite-sized posts that provide only the most important information. This week’s update comes from ITT Corporation.
ITT Corporation announced last week it has signed an agreement to acquire Axtone. The transaction is expected to close in the first quarter of 2017.
Axtone manufactures energy absorption components such as springs, buffers, and couplers for railway and other harsh-environment industrial markets. The acquisition is a strategic one and will expand ITT Corporation’s existing portfolio.
“Expanding our strong positions across the transportation industry – including railway, aerospace and automotive – is key to ITT’s strategy,” said ITT CEO and President Denise Ramos. “The addition of Axtone’s high-quality portfolio and leading technologies will serve to further position our growing Motion Technologies business as a global transportation leader with strong capabilities and reach to provide a premier experience to our customers.”
Read the full release here.
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