ITT Corporation

ITT Fluid Technology Acquires Majority Interest in European Pump Producer

    6/16/1997

        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
    $20 million.
        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
    bvon_euler@fluids.ittind.com

About ITT

ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and oil and gas markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in White Plains, N.Y., with employees in more than 35 countries and sales in a total of approximately 125 countries. The company generated 2016 revenues of $2.4 billion.

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