ITT has purchased privately-held Godwin Pumps, which manufactures a line of automatic self-priming portable pumps. The $585 million transaction is expected to close in the third quarter of 2010.

Gretchen McClain, president of ITT’s Fluid and Motion Control group, calls the acquisition “a great complement to our existing fluid technology portfolio, and is expected to establish ITT among the leaders in the growing and profitable $3 billion global market for dewatering pumps and rental services.”

Godwin Pumps operates a U.S. rental fleet of more than 6,000 pumps at 26 equipment rental facilities and a network of around 50 distributors worldwide.  ITT also sells Flygt and Grindex brand dewatering pumps, and rents from its fleet of more than 11,000 pumps.