ITT Corporation

ITT Industries, Inc. to Redeem Debentures

    6/30/1999

        WHITE PLAINS, N.Y., June 30 /PRNewswire/ -- ITT Industries, Inc.
    (NYSE: IIN) announced today that it will redeem all of its outstanding
    8-3/4% Senior Debentures due March 1, 2006 (the "8-3/4% Debentures") and 9-
    1/4% Senior Debentures Due July 15, 2001 (the "9-1/4% Debentures") on August
    1, 1999.  The redemption price for the 8-3/4% Debentures will be 101.223
    percent of the principal amount, and the redemption price for the
    9-1/4% Debentures will be 100 percent of the principal amount, plus accrued
    interest to August 1, 1999 in both instances.
        The outstanding principal amount of 8-3/4% Debentures, issued in 1986, is
    $7,793,000.  The outstanding principal amount of the 9-1/4% Debentures, issued
    in 1991, is $18,942,000.  Both were issued by ITT Financial Corporation, a
    subsidiary that has since merged into ITT Industries, Inc.  State Street Bank
    and Trust Company is the Trustee under the respective Indentures.
        Neither the 8-3/4% Debentures nor the 9-1/4% Debentures is listed on any
    exchange.  Formal notice of the redemptions will be mailed to
    debentureholders.
    
        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 $4.5 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.
    
        NOTE TO EDITORS:  ITT Industries and its subsidiaries' press releases are
    available at no charge via fax and the Internet.  To receive releases by fax,
    call 800-758-5804, extension 110006.  For ITT Industries' news on the
    Internet, visit http://www.ittind.com or http://www.prnewswire.com.
    
    SOURCE  ITT Industries, Inc.
    
    

    Web site: http://www.ittind.com
    CONTACT: Tom Glover of ITT Industries, Inc., 914-641-2160, or
    tglover@hq.ittind.com

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