ITT Corporation

Micronas of Switzerland to Purchase Remaining Seminconductor Unit of ITT Industries

    9/17/1997

        WHITE PLAINS, N.Y., Sept. 17 /PRNewswire/ -- ITT Industries, Inc.
    (NYSE: IIN) has signed an agreement with Micronas Semiconductor Holding AG of
    Switzerland for the sale of its ITT Intermetall integrated circuit unit in
    Freiburg, Germany.  Details of the transaction were not disclosed.  ITT
    Intermetall employees 1,200 at the Freiburg site.  The planned sale, which
    should close on October 1, 1997, will complete the divestiture of the
    company's remaining semiconductor manufacturing operations.  Earlier this
    year, General Instrument Corporation announced its plans to purchase ITT
    Industries' discrete semiconductor business.
        "Last year, we made it clear that we wanted to grow the company in areas
    where we already were or had the potential to become market leaders," said
    Travis Engen, chairman, president and chief executive of ITT Industries.
    These divestitures are part of our long-term strategy for focusing on the
    areas where we feel we can most clearly create value from a leadership
    position."
        ITT Industries ( http://www.ittind.com ) is a leading worldwide diversified
    manufacturing company, with 1996 sales of $8.4 billion dollars its three
    primary business segments:  Automotive, Defense and Electronics, and Fluid
    Technology.  ITT Automotive is one of the largest independent suppliers of
    systems and components to automotive manufacturers. ITT Defense and
    Electronics is a leader in the design, manufacture and support of high
    technology electronic systems and components for defense and commercial
    markets.  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, Inc.
    
    

    CONTACT: Thomas R. Martin, 914-641-2157, or Ralph Allen,
    914-641-2030, both of ITT Industries

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

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

MEDIA