WHITE PLAINS, N.Y., May 23 /PRNewswire/ -- ITT Industries, Inc.
(NYSE: IIN) today announced that its cash offer for all outstanding shares of
common stock of Goulds Pumps, Incorporated expired, as scheduled, at
12:00 midnight, EDT, on Thursday, May 22, 1997. Based on information provided
by the Depositary, a total of approximately 20,269,000 shares of Goulds Pumps,
Incorporated (or approximately 94% of the outstanding shares of Goulds) were
validly tendered and not properly withdrawn pursuant to its cash offer for all
outstanding shares of Goulds. Such share amount includes approximately
1,225,000 shares subject to guarantee of delivery.
ITT Industries, through its subsidiary making the offer, has accepted for
purchase all shares validly tendered and not properly withdrawn prior to the
expiration of the offer. The acceptance of these shares in the tender offer
results in ITT Industries' ownership of in excess of 90% of Goulds'
outstanding common stock.
In the second step of the acquisition, Goulds will be merged with a
subsidiary of ITT Industries and each Goulds share not previously purchased in
the tender offer will be converted into the right to receive $37.00 in cash.
The merger will be completed as soon as practicable.
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
SOURCE ITT Industries, Inc.
CONTACT: Thomas R. Martin of ITT Industries, 914-641-2157