ITT Industries' Fluid Technology Unit Restructures to Leverage Enhanced Capabilities
9 October 1997
ITT Industries' Fluid Technology Unit Restructures to Leverage Enhanced Capabilities
MIDLAND PARK, N.J., Oct. 9 -- ITT Fluid Technology
Corporation, one of ITT Industries' three core businesses, today
announced a new organizational structure that will enable the company to
leverage the many synergies that resulted from its June acquisition of
Goulds Pumps, Inc. The acquisition made ITT Fluid Technology Corp. the
largest pump producer in the world.
"Our new five-group structure optimally positions us to provide our
customers virtually anywhere in the world with the very best fluid handling
solutions. It will also accelerate our growth by enabling us to capitalize on
the many new opportunities we have targeted in key product areas and
geographic markets," said Richard J. Labrecque, president and chief executive
officer of ITT Fluid Technology Corp.
The $600 million ITT Industrial Pump Group Worldwide is comprised of
businesses focused on industrial and process and certain heavy duty contractor
markets. It includes the former Allis-Chalmers Pump units, the Goulds
Industrial Pump business, Richter in Germany and Vogel in Austria. Eric
Steenburgh, who joined ITT Industries with the Goulds acquisition, is group
president. Eric Steenburgh was also recently elected a vice president of ITT
Industries by the Company's Board of Directors.
The $600 million ITT Water Technology Group brings together in one
worldwide group three very strong businesses focused on the residential,
commercial and light industrial water management markets. The group merges
ITT Fluid Technology's former Fluid Handling Division with Goulds' Water
Technology Division and Lowara, a former Goulds operation in Italy. Goulds,
Bell & Gossett, McDonnell & Miller, ITT Standard, Hoffman, and Lowara brand
products will be provided through this group. R.J. Labrecque is acting group
president.
Leif Carlsson, who has served for five years as president of ITT Fluid
Technology's highly successful ITT Flygt AB, is president of the $600 million
Flygt Group, which provides a full range of submersible pump and mixer
solutions for the municipal wastewater, construction dewatering and industrial
market sectors. The pioneer and global leader in providing submersible pumps
for these markets, the Flygt Group is now established in more than 125 markets
worldwide. ITT Flygt is headquartered in Sweden and has world class
manufacturing facilities in Sweden, Germany and China.
The $300 million ITT Specialty Products Group consists of a number of
businesses that provide valves, pumps controls and instruments to very
specific market niches. Products are sold under the Jabsco, Marlow,
Engineered Valves, Pure-Flo, Barton, Conoflow, ITT Aerospace Controls brands.
Heading this group is Richard Hamilton, a 26-year-veteran of ITT Industries,
who most recently was president of ITT Fluid Technology's Industrial Products
Division.
Designed to focus on the fast-growing international markets, ITT Fluid
Technology International is a sales and marketing organization which will sell
all of ITT Industrial Pump Group and ITT Water Technologies Group products and
also cross-sell selected products from ITT Fluid Technology's other two
groups. Frank Zonarich, who has served in a variety of key management
positions at Goulds Pumps, Inc. before joining ITT Fluid Technology, is
president of this unit.
Richard Labrecque described the new structure as "a natural evolution" of
the company's structure, which previously consisted of five segments, noting
that the realignment was the result of extensive research by the company's
multi-disciplinary integration teams.
ITT Industries ( http://www.ittind.com ) is a leading global diversified
manufacturing company, with 1996 sales of $8.4 billion from its three primary
business segments: fluid technology, automotive, and defense and electronics.
ITT Industries' automotive business is one of the world's largest independent
suppliers of systems and components to automotive manufacturers. In the
defense and electronics area, ITT Industries is a leader in the design,
manufacture and support of high technology electronic systems and components
for defense and commercial markets. In addition to the New York Stock
Exchange, ITT Industries' stock is traded under the symbol "IIN" on the
Midwest, Pacific, London, Frankfurt and Paris exchanges.
SOURCE ITT Fluid Technology Corporation