MIDLAND PARK, N.J., June 16 /PRNewswire/ -- ITT Fluid Technology
Corporation, one of ITT Industries' (NYSE: IIN) three core businesses and the
world's largest pump producer, has acquired majority interest in Tecnicas de
Filtracion y Bombeo, S.A. (TFB), a leading producer of submersible pump
technology in Spain. ITT Fluid Technology previously held a small minority
stake in the joint venture company.
"This investment further advances our strategy of moving closer to our
customers and strengthening leadership positions in key markets worldwide,"
said Richard J. Labrecque, President and CEO of ITT Fluid Technology.
The fluid technology market in Spain has been strengthening over the past
few years, driven largely by EEC Directives initiating large infrastructure
projects to address wastewater treatment, water distribution and irrigation
needs. This trend is expected to continue, and -- with majority control of
TFB and its extensive nationwide distribution system -- ITT Fluid Technology
is optimally positioned to capitalize on these opportunities, Labrecque said.
Headquartered in Madrid, TFB is represented through 29 sales and service
centers throughout the country and reported 1996 revenues of approximately
ITT Industries recently finalized its purchase of Goulds Pumps
Incorporated, a leading pump producer located in Fairport, N.Y. Earlier this
year the company also announced that it had acquired a majority interest in
Hubermansa S.A., a leading pump manufacturer in Argentina, and purchased
100 percent equity in a manufacturing venture in China, ITT Flygt (Shenyang)
Pump Co., Ltd.
ITT Industries (http://www.ittind.com) is a leading global diversified
manufacturing company, with 1996 sales of $8.4 billion from its three primary
business segments: fluid technology, automotive, and defense and electronics.
ITT Industries' automotive business is one of the world's largest independent
suppliers of systems and components to automotive manufacturers. In the
defense and electronics area, ITT Industries is a leader in the design,
manufacture and support of high technology electronic systems and components
for defense and commercial markets. In addition to the New York Stock
Exchange, ITT Industries' stock is traded under the symbol ("IIN") on the
Midwest, Pacific, London, Frankfurt and Paris exchanges.
SOURCE ITT Fluid Technology Corporation
CONTACT: Bjorn von Euler, Corporate Communications of ITT Fluid
Technology, 201-670-3522, fax, 201-444-0742, or