ITT Industries Acquires PCI Membranes

07.01.2003

ITT Industries, Inc. (NYSE: ITT) announced that it has acquired the assets of PCI Membranes from Thames Water. The PCI Membrane products complement ITT Industries Fluid Technology's pumps, mixers, aeration equipment and wastewater process systems, and will provide significant expansion opportunities for ITT Industries' Sanitaire in the growing filtration and disinfection segments.

Terms of the transaction were not disclosed.

"PCI Membranes is a perfect addition to our portfolio, and helps us in our objective of migrating ITT Industries, Sanitaire division from a provider of products to a provider of total systems solutions to the municipal and industrial treatment markets. PCI products and its design capabilities strengthen the value of the solutions we provide to our customers, and will

accelerate our growth in our core market," said Robert Ayers, President of ITT Industries Fluid Technologies.

PCI adds important chlorination disinfection technology to the group through its Portacel division located in Winchester, England. In addition, PCI's membrane technology and expertise will be leveraged within Sanitaire to develop both MBR (Membrane Bio-Reactor) and secondary effluent filtration products.

PCI Membranes employs approximately 174 employees in the UK and has operations in Laverstoke, Swansea, Winchester. In the USA, the company has operations in Cincinnati, Ohio and Zelienople, Pennsylvania. Full-year revenues for 2002 are expected to be approximately $26 million.

Sanitaire is a leader in diffused aeration systems, SBR technology and reverse osmosis systems for municipal and industrial facilities. Product lines include SANITAIRE(R), ABJ(R), Royce Technologies, Water Equipment Technologies, C'treat and WETTEC. Sanitaire provides a comprehensive offering consisting of biological treatment, process engineering, support services, project management and partnered services such as contract installation, civil engineering, operation management and financial solutions. Sanitaire has operated in the wastewater treatment market since the mid 1960's and was

purchased by ITT Industries in 1999. Sanitaire is headquartered in Milwaukee, Wisconsin, with other sales and production facilities throughout the United States, the UK and China.

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. Headquartered in White Plains, NY, the company generated $4.7 billion in 2001 sales. In addition to the New York Stock Exchange, ITT Industries' common stock is traded on the Midwest, Pacific, London, Frankfurt and Paris exchanges.

Source: ITT Inc.

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