ITT Corporation

ITT Industries Successfully Completes Cash Tender Offer and Acquires in Excess of 90% of the Shares Goulds Pumps, Inc.

    5/23/1997

        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    validly tendered and not properly withdrawn pursuant to its cash offer for all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    purchase all shares validly tendered and not properly withdrawn prior to the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
    Paris exchanges.
    
    SOURCE  ITT Industries, Inc.
    
    

    CONTACT: Thomas R. Martin of ITT Industries, 914-641-2157

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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Jason Moss
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laurent.lawrence@itt.com

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