ITT Automotive Sells Precision Die Casting Business To TMB Industries
26 January 1998
ITT Automotive Sells Precision Die Casting Business To TMB Industries
AUBURN HILLS, Mich., Jan. 26 -- ITT Automotive, a unit of ITT
Industries, Inc. , has reached a definitive agreement to sell its
Precision Die Casting business to Lester Precision Die Castings, Inc., an
affiliate of TMB Industries of Chicago. The company expects to close the
transaction by the end of February, subject to obtaining required approvals.
This step is consistent with the announced strategy of divesting ITT
Automotive's non-core businesses. Terms of the transaction were not
disclosed.
The Precision Die Casting group designs and manufactures aluminum die cast
and structural castings for automotive applications. Typical applications
include powertrain and chassis components and assemblies. The unit employs
approximately 750 people at four locations in the United States -- Solon,
Bedford Heights and Twinsburg, Ohio, and Rome, Georgia. The business
accounted for approximately $150 million in sales during 1997, according to
ITT Automotive.
"This agreement enables ITT Automotive to focus on the growth of our core
businesses while providing new development opportunities for our Precision Die
Casting employees," said Frank Macher, president of ITT Automotive.
ITT Automotive is a unit of ITT Industries, Inc. (http://www.ittind.com) a
leading worldwide diversified manufacturing company, with 1996 sales of $8.4
billion from its three primary business segments: Automotive, Defense &
Electronics, and Fluid Technology. ITT Automotive is one of the world's
largest independent suppliers of systems and components to automotive
manufacturers. ITT Defense & Electronics is a world leader in the design,
manufacture and support of high technology electronic systems and components
for defense and commercial markets. ITT Fluid Technology is one of the
world's leading manufacturers of products, systems and services for the
movement, measurement, and control of fluids.
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.
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. To receive releases by fax, call
800-758-5804, extension 110006 for ITT Industries, or extension 437525 for ITT
Automotive.
SOURCE ITT Automotive