WHITE PLAINS, N.Y., March 4 /PRNewswire/ -- ITT Industries (NYSE: IIN)
announced today that it has signed an agreement to sell its Barton fluid
measurement business to Barton Instrument Systems, L.L.C., an affiliate of
American Commercial Holdings, Inc. of Lexington, Kentucky. ITT Industries
made known its intention to sell Barton, a division of ITT Fluid Technology,
in October 1997. Terms of the sale were not disclosed. The sale is
expected to become final within 30 days, subject to customary conditions,
including regulatory approval.
"The sale of Barton is consistent with our strategy to concentrate on our
core strengths, and in Fluid Technology, our strength is making pumps and
valves," said Travis Engen, Chairman, President and Chief Executive of ITT
Industries. "We believe this strategy will help us meet our overall
objective of enhancing shareholder return."
Barton produces process measurement instruments and systems, most notably
for the oil and gas industry. It posted 1997 sales of $78 million, and
employs 550 people at five locations in the US, Canada and Great Britain.
ITT Industries ( http://www.ittind.com ) is a leading global diversified
manufacturing company, with 1997 sales of $8.8 billion in its three primary
business segments: Automotive, Defense & Electronics, and Fluid Technology.
ITT Automotive is one of the world's largest independent suppliers of systems
and components to automotive manufacturers. ITT Defense & Electronics is a
leader in the design, manufacture and support of high technology electronic
systems and components, including Night Vision, tactical communications and
mobile telecommunications. ITT Fluid Technology is the world's leading
manufacturer of pumps, systems and services for the movement, measurement and
control of fluids. Headquartered in White Plains, NY, ITT Industries employs
more than 58,000 people around the world.
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' news releases are available at no
charge via fax and the Internet. For ITT Industries news and information on
the Internet, visit http://www.ittind.com. To receive releases by fax, call
800-758-5804, extension 110006 for ITT Industries, or extension 114898 for ITT
SOURCE ITT Industries
Web site: http://www.ittind.com
CONTACT: Tom Glover of ITT Industries, 914-641-2160; or Bjorn Von
Euler of ITT Fluid Technology, 201-670-3522
NOTE TO EDITORS: 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
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