ITT Announces Plans to Acquire Wolverine Advanced Materials
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Cowen Remains Bullish on Cowen ITT Corp. (ITT) as the Company Supplements High-Performance Auto Business
September 1, 2015 7:00 AM EDTCowen reiterated an Outperform rating and $52.00 price target on ITT Corp. (NYSE: ITT) as the company makes move to supplement high-performance auto business. The announced $300 MM acquisition of Wolverine is the third deal since the ITT breakup in late 2011 (and 2nd this year)... More
ITT Corp. (ITT) to Acquire Wolverine Automotive in $300M Deal
August 31, 2015 9:01 AM EDTITT Corp. (NYSE: ITT) has signed an agreement to acquire Wolverine Automotive Holdings Inc., the parent company of Wolverine Advanced Materials LLC (Wolverine), a global market leader in developing and manufacturing customized technologies for automotive braking systems and specialized sealing solutions for harsh operating environments across a range of industries. Founded in 1934, Wolverine is a globally diversified manufacturer with a strong reputation for material science-based solutions and meaningful aftermarket content representing approximately 40 percent of revenue.
The acquisition of Wolverine, which will vertically integrate an existing automotive supplier, will also give ITT the opportunity to... More
