WHITE PLAINS, N.Y., June 4 /PRNewswire/ -- ITT Cannon, a unit of
ITT Industries' (NYSE: IIN) Defense & Electronics group, has increased
ownership of its China-based connector manufacturing and assembly joint
venture company from 51 percent to 90 percent. The joint venture company will
continue to be known as ITT Cannon (Zhenjiang) Electronics Co., Ltd.
Zhenjiang Connector & Switch Factory (ZCF) is ITT Cannon's China-based
joint venture partner, and retains 10 percent ownership of ITT Cannon
(Zhenjiang) Electronics Co., Ltd. ZCF is one of the largest connector
manufacturers in China.
"We anticipate that sales for our joint venture will grow more than
twofold in 1997 over 1996 levels," said Gerry Gendron, President, ITT Cannon.
"Our 90 percent ownership in ITT Cannon (Zhenjiang) Electronics Co., Ltd. will
allow ITT Cannon to participate more fully in guiding the continual expansion
of this enterprise."
Formed in 1994, ITT Cannon (Zhenjiang) Electronics Co., Ltd. manufactures
connectors for a variety of industries, including telecommunications,
computer and medical applications. The plant also assembles connectors
manufactured by other ITT Cannon plants worldwide.
"ITT Cannon and Zhenjiang Connector & Switch Factory (ZCF) are continuing
to work together very closely to develop all aspects of our business in
China," Gendron said. "Both ITT Cannon and ZCF are proud to be such an
important part of the local economy."
He said the ZCF's in-depth knowledge of the Chinese electronics market has
been invaluable in helping the business continue its steady growth since the
inception of the joint venture.
"Customers who conduct business in China benefit by utilizing connectors
manufactured by ITT Cannon (Zhenjiang) Electronics Co., Ltd. since they are
able to meet requirements for local content in products sold within China,"
ITT Cannon (Zhenjiang) Electronics Co., Ltd. currently serves 25 China-
based customers. The company also supplies product to many other global
"China is a cost-effective manufacturing base which allows ITT Cannon to
continue to provide our customers with leading edge products at competitive
prices," Gendron said.
ITT Cannon (Zhenjiang) Electronics Co., Ltd. is located in Zhenjiang,
China, on the Yangtze River approximately 150 miles west of Shanghai. The
company currently has 188 employees.
Asaji Mochizuki is general Manager of ITT Cannon (Zhenjiang) Electronics
Co., Ltd.; he also serves as Vice President and Director of Manufacturing
Operations for ITT Cannon Asia/Pacific. Mochizuki reports to Akira Hatanaka,
President and General Manager, ITT Cannon Asia/Pacific.
ITT Cannon is an international supplier of electronic components,
interconnect systems, switches, test accessories, information card technology
and high speed structured cabling systems and services.
ITT Cannon is a division of ITT Industries (http://www.ittind.com), 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 Defense & Electronics is a leader in the design, manufacture and
support of high technology electronic systems and components for defense and
commercial markets. ITT Automotive is one of the largest independent
suppliers of systems and components to automotive manufacturers. 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
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
CONTACT: Thomas R. Martin of ITT Industries, 914-641-2157; or
Glenn Leibowitz of ITT Cannon, 714-757-8223