ITT Corporation

ITT Fluid Technology Agrees to Acquire Rule Industries, Inc.

    6/11/1998

          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,
    Labrecque said.
        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

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.

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