WHITE PLAINS, N.Y., Sept. 1 /PRNewswire/ -- ITT Industries (NYSE: IIN)
announced today that Robert L. Ayers has been appointed President of its Fluid
Technology business, and Richard J.M. Hamilton has been appointed as President
of Specialty Products. Hamilton's appointment is effective today, and Ayers'
is effective on October 1. These changes were brought about by the announced
retirement of Richard J. Labrecque, who will leave the company at the end of
the year, and the resignation of Heidi Kunz, who left the company earlier this
year to become chief financial officer of Gap, Inc.
Ayers, as President of Fluid Technology, will be responsible for the
businesses reported as the Pumps and Complementary Products segment. Hamilton
will assume the operating responsibilities of the industrial specialty
businesses and the fluid specialty businesses. Both Ayers and Hamilton are
Vice Presidents of ITT Industries. Headquarters offices for both businesses
will be in Upper Saddle River, New Jersey.
"Bob Ayers and Richard Hamilton are superb managers, who will bring great
strengths to their new assignments," said Louis J. Giuliano, president and
chief operating officer of ITT Industries, to whom Ayers and Hamilton will
report. "At this time I also want to thank Dick Labrecque for his many
important contributions to the company during his 17-year career here. He has
been instrumental in establishing ITT Industries as a world leader in the
fluid technology field. We wish him well in his retirement."
Ayers joined ITT Industries in October of 1998 as President of the
Industrial Pump Group. He was previously President of Sulzer Technology
Corporation, a pump manufacturer in Portland, Oregon. Ayers is currently
chairman of The Hydraulic Institute, North America's leading fluid industry
association. The Pumps and Complementary Products segment he will lead
accounted for $1.8 billion in revenues in 1998. This segment contains ITT
Industries' pump businesses, including brands such as Flygt, Goulds, Bell &
Gossett, A-C Pump, Lowara, Richter and Vogel, making ITT Industries the
world's largest pump producer. Businesses within this segment also supply
flow controls, heat exchangers and related products with brands such as
McDonnell & Miller and ITT Standard in addition to those mentioned above.
This segment represents approximately 40 percent of the company's sales and
approximately 38 percent of its operating income.
Hamilton has been with ITT Industries since the company was created as an
independent company in 1995, following the breakup of the old ITT Corporation.
Hamilton joined ITT in 1971, and currently serves as President of the
Commercial Products Group. The revenues of the Specialty Products segment he
will lead were $849 million in 1998. Businesses in the specialty products
segment produce engineered valves and switches for industrial and aerospace
applications, products for the marine and leisure markets, fluid handling
materials such as stainless steel and flexible tubing for various industrial
markets, and specialty shock absorbers and brake friction materials for the
transportation industry. This segment represents approximately 19 percent of
ITT Industries' sales and approximately 24 percent of its operating income.
ITT Industries, Inc. (http://www.ittind.com) is a global engineering and
manufacturing company with leading positions in the markets it serves,
generating 1998 global sales of $4.5 billion. ITT Industries is the world's
premier supplier of pumps, 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' stock is
traded under the symbol (IIN) on the Midwest, Pacific, London, Frankfurt and
SOURCE ITT Industries, Inc.
Web site: http://www.ittind.com
CONTACT: Tom Martin, 914-641-2157, firstname.lastname@example.org, or
Bjorn von Euler, 201-760-5795, Bvon_euler@fluids.ittind.com, both