M&A Deal Summary

ITT Acquires Rule Industries

On June 11, 1998, ITT acquired marine company Rule Industries from Kennametal

Acquisition Highlights
  • This is ITT’s 1st transaction in the Marine sector.
  • This is ITT’s 3rd transaction in the United States.
  • This is ITT’s 1st transaction in Massachusetts.

M&A Deal Summary
Date 1998-06-11
Target Rule Industries
Sector Marine
Buyer(s) ITT
Sellers(s) Kennametal
Deal Type Divestiture

Target

Rule Industries

Burlington, Massachusetts, United States
Rule Industries, Inc. is a manufacturer of marine products, including such industry standards as the Rule submersible pump and Danforth anchors and compasses.

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Buyer(S) 1

Buyer

ITT

Stamford, Connecticut, United States
Category Company
Founded 1920
Sector Machinery
Employees10,600
Revenue 3.3B USD (2023)
DESCRIPTION

ITT is a manufacturer of engineered critical components and customized technology solutions for growing industrial end-markets in energy infrastructure, electronics, aerospace, and transportation. ITT was founded in 1920 and is based in Stamford, Connecticut.

DEAL STATS #
Overall 5 of 37
Sector (Marine) 1 of 1
Type (Divestiture) 2 of 12
State (Massachusetts) 1 of 3
Country (United States) 3 of 21
Year (1998) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-11-14 Kaman Sciences

Colorado Springs, Colorado, United States

Kaman Sciences Corporation is a high-technology services company serving a broad range of government agencies.

Buy $135M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1998-06-25 Shanghai VALEO Automotive Electrical Systems

Shanghai, China

Shanghai VALEO Automotive Electrical Systems Co., Ltd. is a manufacturer of automotive components.

Sell $1.7B

Seller(S) 1

SELLER

Kennametal

Pittsburgh, Pennsylvania, United States
Category Company
Founded 1938
Sector Machinery
Employees8,700
Revenue 2.1B USD (2023)
DESCRIPTION
Kennametal trade show display booth at the 2014 IMTS show in Chicago.
Kennametal trade show display booth at the 2014 IMTS show in Chicago.

Kennametal is a provider of innovative resistant products, application engineering and services backed by advanced material science, serving customers in 60 countries across diverse sectors of aerospace, earthworks, energy, industrial production, transportation and infrastructure. Kennametal was founded in 1938 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 1 of 8
Sector (Marine) 1 of 1
Type (Divestiture) 1 of 8
State (Massachusetts) 1 of 1
Country (United States) 1 of 7
Year (1998) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-10-12 Greenfield Industries

Seneca, South Carolina, United States

Greenfield Industries, Inc. is a worldwide manufacturer of consumable cutting tools and related products used in a variety of industrial, electronics, energy and construction, engineered and consumer markets. Greenfield also manufactures and sells various products for the marine industry.

Buy $1.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-05-06 Widia Group

Germany

Widia is a manufacturer and marketer of metalworking tools, engineered products and related services in Europe and India.

Buy €188M
Mergr

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