MIDLAND PARK, N.J., March 31 /PRNewswire/ -- ITT Fluid Technology
Corporation, one of ITT Industries' (NYSE: IIN) three core businesses, has
acquired a 70 percent interest in its long-standing manufacturing licensee and
distributor in Argentina, Hubermansa S.A. majority ownership of this business,
which reports annual sales of nearly $10 million, will strengthen ITT Fluid
Technology's position in this key growth region.
Hubermansa manufactures and services certain Flygt submersible products
and markets other ITT fluid management products.
"With this expansion, we are well positioned to take advantage of the
promising Mercosur common market, which will continue to help drive
Argentina's economy," said Richard J. Labrecque, President and CEO of ITT
Fluid Technology Corp.
The market for ITT Fluid Technology's products and expertise in the region
is expected to grow rapidly with Argentina's ongoing investments in
infrastructure and in the mining sector, Labrecque added.
ITT Fluid Technology's Flygt division is at the forefront in serving
municipal water and wastewater treatment facilities, and in providing
solutions for the mining, construction, quarrying, power generation and
Hubermansa S.A. has sold Flygt products in Argentina for more than 40
years. The company has been licensed to manufacture Flygt pumps since 1974,
and for the past four years has also represented ITT A-C Pump, which provides
fluid products for industrial applications.
ITT Fluid Technology is active elsewhere in Latin America as well, most
notably through its operations in Chile, Brazil, Mexico and Colombia. Fluid
Technology also maintains more than 100 independent agents throughout the
"This venture with Hubermansa is an important addition to Fluid
Technology's expanding market base in Latin America, which, together with the
Asia/Pacific and Eastern Europe/Central Asia regions, represents our most
significant opportunities for sales and income growth," Labrecque noted.
ITT Industries (http://www.ittind.com) is a leading worldwide diversified
manufacturing company, with 1996 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 Midwest, Pacific, London, Frankfurt and
SOURCE ITT Fluid Technology
CONTACT: Bjorn von Euler of ITT Fluid Technology, 201-670-3522,
fax: 201-444-0742, or e-mail: firstname.lastname@example.org