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
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
In addition to the New York Stock Exchange, ITT Industries' stock is
traded under the symbol ("IIN") on the Midwest, Pacific, London, Frankfurt and
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