Power Supply Operations Will Expand Company's Night Vision Development
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
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