February 2, 2001, Seneca Falls, NY. Goulds Pumps, ITT Industries announced today that Mike McLaughlin (driver of the Goulds Pumps #48 car) has decided to leave team owners Innovative Motorsports to join Gibbs Racing. A new driver for the Team 48 will be announced soon.

Goulds Pumps and Innovative Motorsports plan to run a full race schedule in
the NASCAR Busch Series Grand National division this season. "We have full
confidence in the Innovative Motorsports team and look forward to a
successful season," Don Radford, Manager of Motor Sports said, "We expect
to continue with our Dealer Hospitality events this year at 21 races," he
continued.

George deBidart, owner of Innovative Motorsports, added "I appreciate the
support and confidence that Goulds Pumps has shown to Innovative Motorsports
with their commitment to the 2001 series. We are better prepared and look
forward to running up front and winning some races this year."

Goulds Pumps Water Technologies (www.goulds.com) have been a leader in the
design and manufacture of agricultural, commercial and residential pumps and
accessories for over 150 years. Based in Seneca Falls NY, Goulds Pumps is a
Division of ITT Industries¹ Fluid Technology Group.

ITT Industries, Inc. (www.ittind.com) is a global multi-industry company
with leading positions and advanced technologies in its served markets. The
company reported revenues of $4.8 billion in 2000 from its four segments:
Connectors & Switches, Defense Products & Services, Pumps & Complementary
Products and Specialty Products. ITT Industries employs approximately
38,000 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.

Picture: Goulds Pump