ITT Corporation

ITT Industries Completes Sale of Automotive Brake and Chassis Unit

    9/25/1998

        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
    value."
        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
    $1.7 billion.
        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
    Paris exchanges.
        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

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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Jason Moss
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Laurent Lawrence
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laurent.lawrence@itt.com

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