Xylem has entered into an agreement to acquire the Cornell Pump and Roper Pump businesses from Indicor for approximately $1.46 billion. The transaction will expand Xylem’s pumping portfolio and strengthen its presence across industrial and municipal water applications.
Cornell Pump and Roper Pump provide engineered pumping technologies for demanding fluid-handling requirements, including slurry movement, solids handling and applications involving challenging suction lifts. The businesses also bring patented self-priming technologies and extensive application expertise serving customers in construction and mining, food and beverage, agriculture, energy and municipal markets.
Following completion of the transaction, both businesses will become part of Xylem’s Water Infrastructure segment. The acquisition is expected to close in the fourth quarter of 2026, subject to regulatory approvals and other customary closing conditions.
The $1.46 billion purchase price represents approximately 11.6 times projected 2026 EBITDA after taking into account expected run-rate cost synergies of $23 million and estimated tax benefits of approximately $170 million. Cornell Pump and Roper Pump are expected to generate more than $260 million in revenue during 2026, with EBITDA margins above 30%.
Xylem expects the transaction to contribute to adjusted earnings per share in 2027. The company said the acquisition will complement its existing water infrastructure portfolio and create opportunities to serve customers in markets where reliable water management and fluid-handling solutions are increasingly important.
Matthew Pine, President and CEO of Xylem, said: “The long-term demand drivers supporting our business continue to strengthen, creating new opportunities across industrial markets where water is increasingly critical to operational success. This acquisition expands our presence in key growth sectors and enhances our ability to help customers address evolving operational requirements. It also strengthens our portfolio in ways that support long-term value creation.”
The acquisition is expected to broaden Xylem’s capabilities in specialized pumping applications while providing access to established customer relationships and additional industrial markets. Cornell Pump and Roper Pump’s product and engineering capabilities will add to Xylem’s ability to address complex pumping requirements across a range of end markets.
Xylem said the transaction is aligned with its strategy of investing in technologies and businesses that address growing water challenges and support customers across municipal, industrial and infrastructure applications. The company will continue to provide further information regarding the transaction as it progresses through the required regulatory review and closing process. Completion remains subject to the satisfaction of agreed conditions and regulatory approvals.
