Client: ITT Corporation
Transaction: Sale of Goulds Pumps’ Ashland Pennsylvania foundry and Machine Shop. Goulds is a subsidiary of ITT.
Company Description: The Ashland foundry and machine shop is a leading manufacturer of erosive and corrosive-resistant centrifugal pump components primarily for mining, power generation, oil and gas exploration and production, pulp and paper production, ethanol production, and other industrial markets. It produces, among other items, highly complex pump impellers and pump housings.
Summary: As a captive unit with within Goulds, Ashland supplied all of its production to Goulds. A Plaisance Advisors managing director marketed the operation to a select group of strategic acquirers that would be able to provide components to Goulds at lower cost than it had in the past. The business unit was sold to West Coast Stainless Foundry, a well-established foundry on the West Coast.