ITT Fluid Technology Corporation Announces New Organizational Structure
MIDLAND PARK, N.J., Sept. 13 /PRNewswire/ -- ITT Fluid Technology
Corporation, a unit of ITT Industries (NYSE: IIN), today announced a
broadening of its organization from three divisions to five and named
executives to head those divisions.
"ITT Fluid Technology's leadership in its served markets has been achieved
through technologically advanced products sold under very strong brand names
through strong distribution channels. This new organization structure will
even more sharply focus our sales efforts worldwide," said Richard J.
Labrecque, president and chief executive officer of ITT Fluid Technology Corp.
"Reductions in government spending, primarily in France and Germany, and
foreign exchange rates continue to be factors in our business. The new
organizational structure was not developed in response to these particular
challenges, but it will help us deal with them and lead us to further growth."
ITT Fluid Technology Corporation had 1995 sales of $1.25 billion and is
the largest North American-based manufacturer of products, systems, and
services for the movement, measurement, and control of fluids. Prior to the
reorganization, ITT Fluid Technology had three divisions: Controls and
Instruments, Fluid Transfer, and ITT Flygt. The new organization retains
Controls and Instruments and ITT Flygt and creates three new divisions: Fluid
Handling, Marine and Specialty Products, and Industrial Products.
ITT Flygt, with over $600 million in sales, is headquartered in Sweden and
is the pioneer in submersible pump technology. ITT Flygt is the world leader
in submersible pumping and mixing, with a strong focus on municipal and
industrial water and wastewater treatment. Mr. Leif Carlsson continues as
president of ITT Flygt.
The newly created Fluid Handling Division, with $250 million in sales,
offers a broad range of pumps and heat exchangers, and a wide variety of
control and accessory products focused on HVAC applications in the
construction sector. Market leading brand names include Bell & Gossett,
McDonnell & Miller, and ITT Standard. Mr. P.C. DePalma, a 19-year veteran
with the company and most recently general manager of ITT Bell & Gossett, was
named president of this new division.
The newly created Industrial Products Division, with nearly $250 million
in sales, offers a broad range of pumps and valves focused on industrial,
process and heavy duty commercial applications worldwide. Leading brand names
include A-C Pump, Richter, and the industry leading Dia-Flo, Pure-Flo and
Fabri-Valve products of ITT Engineered Valves. Mr. Richard Hamilton, 25 years
with the company and previously senior vice president and controller, ITT
Industries, was named president of this new division.
The reconstituted Controls and Instruments Division, consisting of ITT
Barton, ITT Conoflow, and ITT Aerospace Controls, has approximately $140
million in sales. The division, headed by Mr. D.P. Evarts, produces flow
measurement instruments and controls, switches and valves focused on certain
niches in the industrial, chemical process, energy and aerospace markets. Mr.
Evarts has been with the company for 26 years, holding a succession of key
management positions in this business sector and was formerly vice president,
marketing and sales.
The newly formed Marine and Specialty Products Division, with about $75
million in sales, is a market leader in the leisure marine and pool and spa
sectors under the Jabsco and Marlow brand names. Mr. M.A. Gill, who has been
with the company for 24 years, most recently as general manager of ITT Jabsco
UK, was named president of this new division.
ITT Industries is a leading worldwide diversified manufacturing company
with 1995 sales of $8.4 billion from its three primary business segments:
automotive, defense & electronics and fluid technology.
In addition to the New York Stock Exchange, ITT Industries trades under
the symbol IIN on the Basel, Bern, Frankfurt, Geneva, Lausanne, London,
Midwest, Pacific, and Paris exchanges. More detailed information is available
on line at http://www.ittind.com.
SOURCE ITT Industries