WHITE PLAINS, N.Y., Sept. 25 /PRNewswire/ -- ITT Industries, Inc.
(NYSE: IIN) today announced that it has closed the sale of its automotive
Brake and Chassis business to Continental AG of Hannover, Germany. The
transaction, which was announced on July 27, 1998, is valued at approximately
$1.93 billion. The after-tax cash proceeds are approximately $1.3 billion.
"The conclusion of this transaction marks another important step in the
execution of our strategy to transform our company," said Travis Engen,
chairman, president and chief executive of ITT Industries. "We intend to use
the proceeds from this transaction to better position ourselves for future
growth in our businesses that have a higher potential for creating shareholder
Engen said the company's previously announced sale of its automotive
Electrical Systems business is on track to be concluded before the end of the
third quarter. The company announced in June that it has signed an agreement
to sell the Electrical Systems business to Valeo SA of France for
ITT Industries is a premier global manufacturing company with leading
positions in its fluid technology, defense, electrical connectors and
automotive components businesses. Following the sale of its automotive Brakes
and Chassis and Electrical Systems businesses, the company expects annual
sales from ongoing operations of approximately $4.4 billion.
In addition to the New York Stock Exchange, ITT Industries' stock is
traded under the symbol ("IIN") on the Midwest, Pacific, London, Frankfurt and
Note to editors: 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.
SOURCE ITT Industries, Inc.
Web site: http://www.ittind.com
Company News On-Call: http://www.prnewswire.com or fax,
800-758-5804, ext. 437525
CONTACT: Tom Glover of ITT Industries, 914-641-2160