ITT has reached a definitive agreement to acquire SPX FLOW for approximately $4.775 billion in cash and equity, marking one of the company’s most significant strategic moves as it advances its 2030 vision. The deal significantly expands ITT’s position in highly engineered components, adjacent flow technologies, and critical industrial equipment while enhancing its footprint across industrial, chemical, energy, health, nutrition, mining, and personal care markets.
SPX FLOW generated $1.3 billion in revenue in the trailing twelve months ending September 27, 2025, supported by approximately 42 percent gross margin and more than 21 percent EBITDA margin, with 22 percent on an adjusted basis. The company brings a roster of long-established brands, including Waukesha Cherry-Burrell, Lightnin, and Bran+Luebbe, and maintains operations in more than 25 countries, with sales in more than 140. Roughly 43 percent of its revenue comes from aftermarket services, a major driver of recurring sales.
Upon completion of the acquisition, SPX FLOW will be integrated into ITT’s Industrial Process segment, which generated about $1.4 billion in revenue in 2024 and is already a global leader in centrifugal and twin-screw pumps and engineered valves. ITT projects that the acquisition will immediately enhance gross margins and adjusted EBITDA margins, with adjusted EPS accretion anticipated in 2026 and double-digit accretion expected in the first full year following close, excluding intangible amortization.
The transaction consideration includes a mix of cash and $700 million in ITT common stock issued to Lone Star Funds, the current owner of SPX FLOW. ITT plans to fund the cash portion through a combination of debt and equity, supported by committed financing for both a term loan and a bridge facility led by U.S. Bank National Association. ITT expects to maintain an investment-grade credit rating, with projected net leverage below 3.0x at close and trending below 2.0x within roughly eighteen months.
The company estimates $80 million in run-rate cost savings by the end of the third year post-close, derived from ITT’s acquisition integration model and opportunities to scale operations. Additional revenue growth opportunities are also anticipated as the combined company leverages ITT’s track record of outperforming underlying markets and executing in complex industrial environments.
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close by the end of the first quarter of 2026.
KEY QUOTES:
“The acquisition of SPX FLOW checks all the boxes. It builds on our core strength in highly engineered components, brings adjacent technologies to the core, expands our total addressable market, it is well run and to top it off is an outstanding cultural fit. The addition of SPX FLOW’s world-class, critical industrial equipment and flow technologies, including premier brands like Waukesha Cherry-Burrell®, Lightnin® and Bran+Luebbe®, enhances our ability to address complex customer challenges at even greater scale. ITT’s playbook of differentiation in execution and innovation combined with SPX FLOW’s leading brands and engineering expertise creates significant opportunity for long-term value creation. On behalf of ITT, I am truly honored to partner with SPX FLOW’s talented team of approximately 3,800 employees to better serve and work hard for our customers and our shareholders.”
Luca Savi, Chief Executive Officer and President, ITT
“Joining ITT marks the beginning of an exciting new chapter for our company. ITT’s world-class Industrial Process businesses are a natural fit for SPX FLOW’s market-leading industrial, health, and nutrition brands. By leveraging our joint global capabilities, we can provide customers with the technology, engineering and operational capabilities to create innovative solutions for their process needs, resulting in exceptional business performance.”
Marc Michael, President and CEO, SPX FLOW
