Neither YSI Inc. nor ITT Corp. would disclose Monday what the merger of the two companies means for YSI's headquarters in Yellow Springs or any of the company’s 390 employees.

ITT, an $11 billion a year, 40,000-employee company, said Monday it will acquire Yellow Springs-based YSI, a $101 million manufacturer of sensors, instruments, software and other items used to test and monitor water sources.

YSI’s employees are spread among facilities in the U.S., Europe and Asia.

“The addition of YSI is the next logical step in our strategy to acquire attractive companies whose businesses complement our existing water portfolio,” Gretchen McClain, president of ITT’s Fluid and Motion Control business, said in the statement.

McClain will be chief executive of the new standalone water company that will separate from ITT later this year, the companies said.

The companies expect to complete the deal this quarter, pending closing conditions and approval from YSI’s shareholders.

ITT’s analytics business is a manufacturer of field, portable, laboratory and online analytical instruments used in water and wastewater, environmental, medical, and food and beverage applications.

“We believe joining ITT offers a great opportunity to continue growing our business, and I’m especially pleased that YSI will live on within a strong global company united around water,” Rick Omlor, YSI chairman and CEO, said in the announcement. “With a 63-year legacy founded in scientific discovery and innovation, YSI’s strong brand equity, backed by ITT’s global citizenship philosophy is the right choice to move YSI into the future.”