ITT Industries Acquires Flowtronex PSI Inc.

The acquisition establishes ITT Industries as the world leader in manufacturing and servicing specialized modular packaged pump stations. "This acquisition establishes us at the top of the turf irrigation market, an attractive market with substantial growth potential worldwide," said Robert Ayers, President of ITT's Fluid Technology business. "Our new package production capabilities, augmented pump panels and controls expertise will enable us to expand the spectrum of solutions we offer to commercial and municipal customers."

Flowtronex PSI currently has a leading position in the golf course turf irrigation market in North America. This market continues to grow steadily with the construction of new golf courses and the regular upgrading or rebuilding of existing golf courses. Flowtronex PSI turf irrigation systems are also widely used in commercial landscaping, a market that is expanding rapidly in the southeast and southwest United States.

Flowtronex PSI capabilities also have widespread application for municipal water supply, agricultural irrigation, and building trades markets. In addition, Flowtronex PSI offers a full line of proprietary computer-based pump control systems, which will complement ITT Industries offerings. These are markets in which ITT Industries is already a leading provider of pumps and pump systems.

Flowtronex PSI has 269 employees and is headquartered in Dallas, Texas. It is expected to generate annual revenues of $50 million.

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 other specialty products. Headquarterd 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 and Frankfurt exchanges.