ITT Corporation

ITT Industries Announces Joint Venture in China; World Leaders in Pumps and Petrochemicals Join Forces To Serve Chinese Market

    6/17/1998

     

    UPPER SADDLE RIVER, N.J., June 17 /PRNewswire/ — ITT Industries
    (NYSE: IIN), the world's leading pump producer, announced today a joint
    venture with Shanghai East Shanghai Petrochemical Industrial Co., Ltd., part
    of SINOPEC, the world's largest petrochemical company and China's flagship
    petrochemical enterprise.
    
        "Our strategy is to increase our presence in China -- the strongest
    economy in Southeast Asia and one of the most promising emerging markets --
    and look beyond the current weaknesses in the economies of other developing
    markets," says Richard J. Labrecque, President and CEO of ITT Industries'
    fluid technology business.
        The joint venture contract gives ITT Industries a majority stake in a
    newly formed entity, Shanghai Goulds Pumps Co., Ltd., that will market
    Goulds-brand pumps for industrial process applications in China.
        "The combination of these two world leaders will provide more efficient
    petroleum and industrial processing in this high-potential region and help to
    expand China's processing industries," said Richard E. White, President-Asia
    Pacific, ITT Fluid Technology International.  Shanghai Goulds is located in
    Shanghai's Waigaoqiao Free Trade Zone, a fast-growing hub for processing
    businesses in China.
        "Establishing this new company also furthers ITT Industries' strategy of
    focusing on opportunities where we can best serve our carefully defined
    markets," White said.
        Last year, ITT Industries acquired all of ITT Flygt (Shenyang) Pump Co.,
    Ltd., a manufacturing venture in Shenyang, China; opened a sales office in
    Shanghai; and, with its 1997 acquisition of Goulds Pumps, gained a cast iron
    foundry and manufacturing facility in Nanjing (Nanjing Goulds Pumps Co., Ltd).
    This growth has dramatically enhanced the company's ability to accommodate the
    region's need for environmentally sound wastewater handling, drainage and
    irrigation systems.
        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 and Electronics, and Fluid Technology.
    In the automotive industry, ITT Industries is one of the world's largest
    independent suppliers of systems and components to automotive manufacturers.
    In the defense and electronics area, ITT Industries is a leader in the design,
    manufacture and support of high technology electronic systems and components,
    including Night Vision, tactical communications and mobile telecommunications.
    In fluid technology, ITT Industries is the world's leading manufacturer of
    pumps, systems and services for the movement and control of fluids.
    Headquartered in White Plains, N.Y., 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
    Paris exchanges.
        ITT Industries and its subsidiaries' news 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, or extension 114898 for ITT
    Fluid Technology.
    
    SOURCE  ITT Fluid Technology
    
    

    Web site: http://www.ittind.com
    CONTACT: Bjorn von Euler of ITT Industries, 201-760-9800, or fax,
    201-760-9692, or bvon_euler@fluids.ittind.com

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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