ITT Corporation

ITT Industries Cleared to Purchase Goulds Pumps Shares

    5/21/1997

        WHITE PLAINS, N.Y.,  May 21 /PRNewswire/ -- ITT Industries, Inc.
    (NYSE: IIN) announced today that all applicable regulatory waiting periods
    under the Hart-Scott-Rodino Antitrust Improvements Act in the United States
    and the Canadian Competition Act relating to ITT Industries pending tender
    offer for the shares of Goulds Pumps, Incorporated (Nasdaq: GULD) expired at
    midnight on May 20, 1997.  There were no objections or requests for additional
    information.  In addition, all required clearances from other foreign
    governmental authorities applicable to the completion of the tender offer have
    been obtained.
        ITT Industries further indicated that, in light of the completion of the
    regulatory approval process, it expects to consummate the purchase of Goulds'
    shares pursuant to the tender offer, subject to the terms thereof, at the
    currently scheduled expiration time of midnight on Thursday, May 22, 1997.
        "We are pleased that these reviews have been accomplished without
    objection and that our purchase can proceed quickly,"  said Travis Engen,
    chairman, president and chief executive officer of ITT Industries.  "As we
    said when we first announced our offer, this combination represents a
    marvelous fit between two industry leaders.  We look forward to working with
    the Goulds Pumps employees in serving customers and growing the business."
        ITT Industries (http://www.ittind.com) is a leading global diversified
    manufacturing company, with 1996 sales of $8.4 billion dollars 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.
        ITT Industries and its subsidiaries' press releases are available at no
    charge via fax and the Internet.  To receive releases by fax, call
    800-758-5804, extension 110006.  For ITT Industries' news on the Internet,
    visit http://www.ittind.com or http://www.prnewswire.com.
    
    SOURCE  ITT Industries, Inc.
    
    

    CONTACT: Thomas R. Martin, 914-641-2157, or Ralph Allen,
    914-641-2030, both of ITT Industries

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.

Investors

Jason Moss
tel +1 914-641-2030
jason.moss@itt.com

Media

Laurent Lawrence
tel +1 914-304-1809
laurent.lawrence@itt.com

MEDIA