ITT Corporation

ITT Industries to Acquire FLOJET

    8/31/1999

                   - 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
    Industries."
        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.

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

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Laurent Lawrence
tel +1 914-304-1809
laurent.lawrence@itt.com

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