US-based Xylem says its US$1.46 billion acquisition of Indicor’s Cornell Pump and Roper Pump businesses will increase its exposure to “high-growth sectors”, including mining and energy.
Charlotte, North Carolina, headquartered Indicor was formed in 2022 from former Roper Technologies industrial and process technologies businesses acquired by New York private equity firm Clayton, Dubilier & Rice. They included the Cornell and Roper pump units.
Xylem says the two businesses are expected to generate more than $260 million of revenue this year at an EBITDA margin above 30%.
Its $1.46 billion purchase price was circa-11.6x projected 2026 EBITDA after $193 million of expected cost synergy and tax benefits.
Xylem CEO Matthew Pine said the acquisition increased the company’s presence in “key growth sectors and enhances our ability to help customers address evolving operational requirements”.
“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,” he said.
Cornell and Roper added highly engineered pumping technologies designed to move difficult-to-handle fluids including applications involving slurry transport, solids handling and demanding suction-lift requirements. They also brought patented self-priming capabilities and specialised expertise in construction and mining, food and beverage, agriculture, energy and municipal applications.
The businesses would be reported in Xylem’s water infrastructure segment. Group sales were $9 billion in 2025.
New York Stock Exchange-listed Xylem has a current market capitalisation of about $28 billion.
