ITT Corporation

ITT Industries' Electronics Group Increases Ownership of China Joint Venture to 90%

    6/4/1997

        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,"
    Gendron said.
        ITT Cannon (Zhenjiang) Electronics Co., Ltd. currently serves 25 China-
    based customers.  The company also supplies product to many other global
    companies.
        "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
    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
    
    

    CONTACT: Thomas R. Martin of ITT Industries, 914-641-2157; or
    Glenn Leibowitz of ITT Cannon, 714-757-8223

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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