ITT Corporation

ITT Industries and Goulds Pumps, Inc. Complete Merger; Company is World's Largest Producer of Pumps

    5/28/1997

        WHITE PLAINS, N.Y., May 28 /PRNewswire/ -- ITT Industries, Inc.
    (NYSE: IIN) announced today that as of May 27, 1997 Goulds Pumps, Inc. had
    been merged with a wholly owned subsidiary of ITT Industries.  As a result,
    each share of common stock of Goulds not previously purchased in ITT
    Industries' tender offer which expired at midnight on May 22, 1997 had been
    converted into the right to receive $37. in cash.
        ITT Industries first announced its intent to acquire Goulds on April 21.
    With the completion of the merger, the combined businesses form the world's
    largest pump manufacturer, with revenues from pumps, valves and other fluid
    handling products exceeding $2 billion annually.
        "We have an extraordinary fit in both our product lines and market
    coverage," said Richard J. Labrecque, president of ITT Fluid Technology
    Corporation.  "Among other benefits, the synergies of our combined companies
    offer unprecedented pathways to cross-selling and new product innovations.
    Together, we will be even stronger than either of us would have been
    individually."
        ITT Industries' fluid technology business specializes in the manufacture
    of pumps, valves, heat exchangers and related equipment used to move, measure
    and control fluids.  With 1996 sales of $1.3 billion in the fluid technology
    segment, the company provides products serving markets that include wastewater
    treatment, chemical processing, construction, bio-pharmaceutical, aerospace,
    and general industry.  With sales offices in over 100 countries, ITT Fluid
    Technology is growing rapidly in emerging markets around the globe.  The
    company's brand names include Flygt, Bell and Gossett, A-C Pump, Richter and
    Jabsco.
        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.  ITT Industries'
    stock ("IIN") is traded on the New York, 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, 914-6 41
    030, of ITT

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.

Investors

Jason Moss
tel +1 914-641-2030
jason.moss@itt.com

Media

Laurent Lawrence
tel +1 914-304-1809
laurent.lawrence@itt.com

MEDIA