ITT Corporation

ITT Industries Acquires K and M Electronics

    7/12/1999

        Power Supply Operations Will Expand Company's Night Vision Development
                                     Capabilities
    
        WHITE PLAINS, N.Y., July 12 /PRNewswire/ -- ITT Industries, Inc.
    (NYSE: IIN) announced today its acquisition of K and M Electronics, a leading
    designer and manufacturer of power supplies, electronic components and channel
    electron multipliers for military and commercial applications.  Terms and
    conditions of the transaction were not disclosed.  K and M will maintain its
    operations in West Springfield, Massachusetts.
        "K and M's expertise in the design and production of high quality power
    supplies will contribute significantly to our success in developing future
    generations of night vision technology and will strengthen our competitive
    position in military and commercial markets worldwide," said Dr. Marvin
    Sambur, President, ITT Industries, Defense.
        "As a supplier to ITT Industries Night Vision for more than 20 years,
    K and M has a proven reputation for innovative design engineering expertise,"
    said Neil Gallagher, President & General Manager of ITT Industries, Night
    Vision.  "Its miniaturized, high-voltage power supplies are an integral
    component to ITT Industries' night vision products.  We are also very excited
    about the growth potential of K and M's commercial business for electronic
    components, power supplies and channel electron multipliers."
        K and M Electronics was a wholly owned subsidiary of Derlan Industries
    Limited, Toronto, Canada.  The company employs 230 people, and in 1998, had
    sales of approximately $21 million.
        ITT Industries, Inc. (http://www.ittind.com) is a global engineering and
    manufacturing company with leading positions in the markets it serves,
    generating 1998 sales of $4.5 billion.  ITT Industries is the world's largest
    pump manufacturer and also designs systems and services to move and control
    water and other fluids.  The company is a major supplier of sophisticated
    military defense systems, and provides advanced technical and operational
    services to a broad range of government agencies.  ITT Industries also
    produces connectors, switches and cabling used in telecommunications,
    computing, aerospace and industrial applications, as well as network services.
    Further, ITT Industries makes industrial components for a number of other
    markets, including transportation, construction and aerospace.  Based in White
    Plains, NY, ITT Industries employs approximately 33,000 people around the
    world.
        In addition to the New York Stock Exchange, ITT Industries' common stock
    is traded on the Midwest, Pacific, London, Frankfurt and Paris exchanges.
    
    SOURCE  ITT Industries, Inc.
    
    

    Web site: http://www.ittind.com
    Company News On-Call: http://www.prnewswire.com/comp/110006.html
    or fax, 800-758-5804, ext. 110006
    CONTACT: Tom Glover, 914-641-2160, or Laurel Holder,
    540-362-7374, both of ITT Industries

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.

Investors

Jason Moss
tel +1 914-641-2030
jason.moss@itt.com

Media

Laurent Lawrence
tel +1 914-304-1809
laurent.lawrence@itt.com

MEDIA