- Acquisition Expands Product Line, Global Reach
- Accretive to Earnings in First Full Year
WHITE PLAINS, N.Y., Aug. 31 /PRNewswire/ -- ITT Industries, Inc.
(NYSE: IIN) today announced that it has signed a preliminary agreement to
acquire FLOJET Corp., a privately held company and the leading global
manufacturer of pumps for the beverage market and for light industrial
applications. The acquisition of FLOJET complements ITT Industries' existing
specialty products business and will provide significant growth opportunities
in niche markets around the world. The proposed transaction is subject to
regulatory approval. The terms of transaction are not disclosed.
"FLOJET's strong presence in beverage markets, combined with ITT
Industries' leading industrial position, will broaden our market reach in
strategic product areas," said Brenda Reichelderfer, president of Fluid
Specialty Group, ITT Industries. "FLOJET is the 'best in class' supplier of
small pumps and related equipment in all the key markets it serves. Its
leading position in competitive niche markets, technological 'know-how' and
innovation in product development will bring substantial value to ITT
FLOJET, founded in 1975, is headquartered in Foot Hill Ranch, Calif. It
manufactures air- and electric-driven pumps, motors and dispensing equipment
for a variety of industries, including beverage, general industrial equipment,
agricultural/lawn & garden, recreational vehicle, leisure marine and water
purification. The company has annual sales of approximately $50 million and
employs 287. FLOJET also operates a facility in Milton Keynes, England, for
final assembly, production and distribution to the European market.
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 premiere
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, N.Y.,
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
CONTACT: Thomas R. Martin, 914-641-2157, Tmartin@hq.ittind.com,
or Bjorn von Euler, 201-760-5795, or Mobile, 201-819-6984,
Bvon_euler@fluids.ittind.com, both of ITT Industries, Inc.