WHITE PLAINS, N.Y., March 4 /PRNewswire/ -- ITT Industries, Inc.
(NYSE: IIN) announced today that it has signed a preliminary agreement to
acquire Hydro Air Industries, Inc., a leading producer of jets, fittings and
accessories for the whirlpool bath, spa, and swimming pool markets. Terms
were not disclosed. The proposed transaction is subject to satisfactory
completion of due diligence, negotiation of a mutually acceptable definitive
agreement, customary closing conditions and regulatory approval.
"We believe the combination of ITT Industries' Marlow Leisure Products
business and Hydro Air's will create a stronger and more competitive product
offering, enhanced product design capability, and access to a much larger
customer base," said Brenda Reichelderfer, president of ITT Industries' fluid
specialty group. "This acquisition will allow us for the first time to offer
complete pump and accessory kits to the whirlpool bath market. It will also
allow us to enter the spa market, thus opening up a new channel for our
pumps."
The company estimates that the worldwide market size for spa and whirlpool
bath pumps and accessories is over $400 million per year. ITT Industries is
currently the leading supplier of pumps in the $90 million US whirlpool bath
market.
About ITT Industries
ITT Industries, Inc. (http://www.ittind.com) is a global industrial
manufacturing company with leading positions in the markets that it serves,
generating 1998 global sales of $4.4 billion. ITT Industries is the world's
largest producer of pumps and also produces systems and services to move and
control water and other fluids. The company is also a leading supplier of
sophisticated military defense systems, and provides advanced technical and
operational services to a broad range of government agencies. ITT Industries
is a leading provider of connectors, switches and cabling used in
telecommunications, computing, aerospace and industrial applications, as well
as network services. Further, ITT Industries provides 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.
Certain material presented herein consists of forward-looking statements
which involve known and unknown risks, uncertainties and other important
factors that could cause actual results to differ materially from those
expressed in or implied from such forward-looking statements. Such factors
include those set forth in Item 1. Business and Item 7. Management's
Discussion and Analysis of Financial Condition and Results of Operations --
Forward-Looking Statements in the ITT Industries, Inc. Form 10-K, Annual
Report for the fiscal year ended December 31, 1997, and other of its filings
with the Securities and Exchange Commission.
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 or http://www.prnewswire.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/comp/110006.html
or fax, 800-758-5804, ext. 110006
CONTACT: Tom Glover of ITT Industries, 914-641-2160