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
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