ITT Inc. ITT announced the acquisition of Clippard Instrument Laboratories’ product lines of durable, low maintenance and cost-competitive interchangeable pneumatic cylinders. The acquisition was completed in the second quarter of 2022.
With product lines of stainless steel, brass and aluminum cylinders and volume tanks, the acquisition expands ITT’s Compact Automation product offering in the robotics, packaging, and automation end markets.
The addition of Clippard’s pneumatic cylinders broadens ITT’s Compact offering with products designed for high-speed, high-cycle applications found in warehouse automation, textiles, and food and beverage industries. Combination of the two companies’ distribution network is expected to simplify the customer purchasing experience for ITT.
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ITT will expand its Compact business’ operations in Westminster, SC, to house Clippard cylinder’s production assets.
Ryan Flynn, President of ITT Connect & Control Technologies, said, "Clippard’s interchangeable solutions are an exciting addition to Compact’s already vast product offering of small, powerful, and configurable components."
ITT has lately carried out a series of acquisitions to expand its operations. Its acquisition of CRP Technology and CRP USA (jointly CRP) in June 2022 helps the company gain additive manufacturing technology capabilities and strengthens its position in the material science space. The buyout of Habonim in April 2022 has boosted its offerings in cryogenic and hydrogen ball valve space.
Zacks Rank & Key Picks
ITT carries a Zacks Rank #3 (Hold).
Some better-ranked stocks within the broader Industrial Products sector are as follows:
Titan International, Inc. TWI presently flaunts a Zacks Rank #1 (Strong Buy). Its earnings surprise in the last four quarters was 47%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
Titan International has an estimated earnings growth rate of 157.7% for the current year. Shares of the company have rallied 39.1% in the past six months.
Greif, Inc. GEF presently sports a Zacks Rank #1. GEF delivered a trailing four-quarter earnings surprise of 22.9%, on average.
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