ITT Corporation has announced it will acquire YSI Incorporated.
Both companies manufacture technology used for environmental water monitoring. The merger was announced in a joint statement today.
Gretchen McClain, president of ITT's Fluid and Motion Control business, says the addition of YSI will complement ITT's existing business.
Rick Omlor, chairman and chief executive officer of YSI, said the merger allows for YSI to continue to grow its business. YSI was founded in 1948. The company currently employs 390 people in 22 locations. There is so far no word on how the merger will affect current employees.
Completion of the merger is expected before October of this year.