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
"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
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
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
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 email@example.com