ITT Industries Reports Odd Lot Sale/Purchase Program
Holders of Fewer Than 100 Shares Can Sell Shares or Round Up to 100
WHITE PLAINS, N.Y., Oct. 23 /PRNewswire/ -- ITT Industries, Inc.
(NYSE: IIN) today announced that it would begin a program to allow
shareholders holding fewer than 100 shares of IIN stock the chance to sell
their shares or purchase additional shares if they prefer to increase their
holdings to the 100-share level. The company has approximately 37,000 holders
of fewer than 100 shares.
The plan is designed to offer a low-cost alternative to "odd-lot" holders,
and to save money for ITT Industries. It offers smaller shareholders a low-
cost method of selling their shares if they prefer that option, or to purchase
shares if they would like to round up to an even 100-share account.
Under the program, to be administered by the Bank of New York,
shareholders will be charged a flat fee of 75-cents per share for either a
purchase or sale transaction. The program is open to all shareholders of
record as of October 22, 1996. The deadline for participating in the purchase
or sale of shares is November 29, 1996. ITT Industries reserves the right to
extend, amend or terminate the program at any time.
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. ITT Automotive is
one of the world's largest independent suppliers of systems and components to
automotive manufacturers. ITT Defense & Electronics is a world leader in the
design, manufacture and support of high technology electronic systems and
components for defense and commercial markets. ITT Fluid Technology, is one
of the world's leading manufacturers of products, systems and services for the
movement, measurement, and control of fluids.
In addition to the New York Stock Exchange, ITT Industries' stock is
traded under the symbol (IIN) on the Basel, Bern, Frankfurt, Geneva, Lausanne,
London, Midwest, Pacific, and Paris exchanges. More detailed information on
ITT Industries is available on-line at http://www.ittind.com.
SOURCE ITT Industries, Inc.
CONTACT: Tom Martin of ITT Industries, 914-641-2157