White Plains, NY and College Station, TX 9/14/10—ITT, a high technology engineering and manufacturing company, has entered into a definite agreement to acquire OI Corporation for $29 million. ITT will purchase all outstanding shares of OI for $12 per share, a 42.9% premium to OI’s closing price on September 13. OI provides total organic carbon analyzers, GC-related instrumentation, and associated consumables and services. In 2009, OI reported revenues of $20 million and projects 2010 revenues of $25 million. “The potential to add a company with the expertise and reach of OI not only strengthens our portfolio, but also gives us a great opportunity to leverage our European brands and channels to bring OI’s technologies to those markets,” stated ITT Analytics President Chris McIntire. The transaction is subject to shareholder approval and is expected to close in late 2010.