New Labor Contract for ITT Goulds

Union members ratified the contract yesterday. The current contract was to expire in August 2003.

"Business conditions continue to be very difficult. Renegotiating our contract now was an absolute necessity for us to remain competitive in a hyper-competitive marketplace," said Robert J. Pagano Jr., president of ITT's Industrial Products Group. "Company management and the Union leadership both understood this and worked together very well to come to terms designed to keep as many jobs as feasibly possible in Seneca Falls."

The agreement will bring salary and benefits - while still among the best in Seneca County - more in line with regional and industry averages.

"The face of industrial labor relations is changing. We must be sensitive to global competition. The vote taken by our membership demonstrates their willingness to adapt to changing times to preserve jobs in Seneca Falls", said Jim Valenti, International Representative for USW of A.

Goulds was founded in Seneca Falls in 1848. Goulds was acquired by ITT in 1997. The company is currently the largest employer in Seneca County.

ITT's Industrial Products Group currently has 10 manufacturing plants and 46 additional locations in 35 countries around the world. The company maintains Central New York campuses in Seneca Falls, Baldwinsville, and Penn Yan employing more than 1,000 people.

The Industrial Products Group is one of the fluid businesses of ITT Industries. ITT Industries, Inc. (http://www.itt.com) supplies advanced technology products and services in key markets including: electronic interconnects and switches; defense communication, opto-electronics, information technology and services; fluid and water management and specialty products. Headquartered in White Plains, NY, the company generated $4.7 billion in 2001 sales. In addition to the New York Stock Exchange, ITT Industries stock is traded on the Midwest, Pacific, London, Paris and Frankfurt exchanges.