ITT Industries Announces Joint Venture in China
18 June 1998
ITT Industries Announces Joint Venture in China; World Leaders in Pumps & Petrochemicals Join Forces To Serve Chinese MarketUPPER SADDLE RIVER, N.J., June 17 -- ITT Industries , the world's leading pump producer, announced today a joint venture with Shanghai East Shanghai Petrochemical Industrial Co., Ltd., part of SINOPEC, the world's largest petrochemical company and China's flagship petrochemical enterprise. "Our strategy is to increase our presence in China -- the strongest economy in Southeast Asia and one of the most promising emerging markets -- and look beyond the current weaknesses in the economies of other developing markets," says Richard J. Labrecque, President and CEO of ITT Industries' fluid technology business. The joint venture contract gives ITT Industries a majority stake in a newly formed entity, Shanghai Goulds Pumps Co., Ltd., that will market Goulds-brand pumps for industrial process applications in China. "The combination of these two world leaders will provide more efficient petroleum and industrial processing in this high-potential region and help to expand China's processing industries," said Richard E. White, President-Asia Pacific, ITT Fluid Technology International. Shanghai Goulds is located in Shanghai's Waigaoqiao Free Trade Zone, a fast-growing hub for processing businesses in China. "Establishing this new company also furthers ITT Industries' strategy of focusing on opportunities where we can best serve our carefully defined markets," White said. Last year, ITT Industries acquired all of ITT Flygt (Shenyang) Pump Co., Ltd., a manufacturing venture in Shenyang, China; opened a sales office in Shanghai; and, with its 1997 acquisition of Goulds Pumps, gained a cast iron foundry and manufacturing facility in Nanjing (Nanjing Goulds Pumps Co., Ltd). This growth has dramatically enhanced the company's ability to accommodate the region's need for environmentally sound wastewater handling, drainage and irrigation systems. ITT Industries (http://www.ittind.com) is a leading global diversified manufacturing company, with 1997 sales of $8.8 billion in its three primary business segments: Automotive, Defense and Electronics, and Fluid Technology. In the automotive industry, ITT Industries 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, including Night Vision, tactical communications and mobile telecommunications. In fluid technology, ITT Industries is the world's leading manufacturer of pumps, systems and services for the movement and control of fluids. Headquartered in White Plains, N.Y., ITT Industries employs more than 58,000 people around the world. 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. To receive releases by fax, call 800-758-5804, extension 110006 for ITT Industries, or extension 114898 for ITT Fluid Technology.