ITT Corp. (NYSE: ITT) is buying automotive brakes manufacturer Wolverine Automotive Holdings Inc. for $300 million in cash.
Wolverine, founded in 1934, makes sealing and coated metals that are mostly used in automotive brakes. The target expects to finish 2015 with around $38 million in adjusted Ebitda with $180 million in revenue. ITT makes metal parts for the energy, transportation and industrial sectors. The acquisition of Wolverine will expand ITT’s presence in the automotive category.