Purchase Will Bring a Second Marine Industry Leader into the Fold
UPPER SADDLE RIVER, N.J., June 11 /PRNewswire/ -- ITT Fluid Technology
Corporation, one of ITT Industries (NYSE: IIN) three core businesses and the
world's largest pump producer, has reached agreement with Kennametal, Inc. for
the purchase of its wholly owned subsidiary Rule Industries, Inc., a leading
manufacturer of marine products, including such industry standards as the Rule
submersible pump and Danforth anchors and compasses.
This latest acquisition will further bolster ITT Fluid Technology's
market-leading capabilities in the specialty marine marketplace. ITT Fluid
Technology's ITT Jabsco operation is well-established worldwide as a premier
provider of pumps and accessories for use in business and leisure marine,
sanitary and industrial applications.
"Bringing Rule onboard with Jabsco will enable ITT Fluid Technology to
cost-effectively provide global markets with the world's most complete line of
fluid handling products for leisure marine applications," said ITT Fluid
Technology President and CEO Richard J. Labrecque.
Rule and Jabsco combined will offer specialty products ranging from pumps,
compasses and anchors, to winches, waste systems, lights and blowers. The two
companies' geographic and distribution channels are also an excellent fit,
Established in Gloucester, Massachusetts, more than two decades ago, Rule
has grown into a renowned operation with approximately $25 million in sales.
ITT Jabsco is based in Hoddesson, UK, and has additional manufacturing
operations in Costa Mesa, California and Springfield, Ohio. Further sales and
marketing support facilities are located in Guelph, Canada; Yokohama, Japan;
and Hamburg, Germany.
Closing of the transaction is pending appropriate government approvals.
ITT Industries ( http:\\www.ittind.com ) is a leading worldwide
diversified manufacturing company, with 1997 sales of $8.6 billion in its
three primary business segments: Automotive, Defense and Electronics, and
Fluid Technology. ITT Fluid Technology is the world's leading manufacturer of
pumps, systems and services for the movement, measurement and control of
fluids. 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. 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 Fluid Technology
Web site: http://www.ittind.com
CONTACT: Bjorn von Euler of ITT Fluid Technology, 201-760-9800