ITT Corporation has announced that they have entered into a definitive agreement for ITT to acquire all outstanding shares of O.I. Corporation, "OI", for approximately $29 million.
OI's Board of Directors has unanimously approved the transaction, which is subject to approval from OI's shareholders and other closing conditions, and is expected to close in late 2010.
Enhancing ITT Analytics
OI is a leading provider of innovative instrumentation for laboratory and environmental testing in the pharmaceutical, petrochemical, power and industrial markets. The company's portfolio will enhance ITT's Analytics business, which was formed earlier this year with ITT's acquisition of Nova Analytics.
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