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
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
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