ITT Industries Acquires Precision Stainless Inc. Acquisition Expands Offerings In Attractive Biopharmaceutical Sector

13.03.2002

UPPER SADDLE RIVER, NJ - ITT Industries, Inc. (NYSE: ITT) announced that it has signed an agreement to purchase the business and assets of Precision Stainless Inc., a leading manufacturer of process vessels for the biopharmaceutical industry. Precision's vessel products complement ITT Industries Pure-Flo valves and process systems and will provide significant growth opportunities for ITT Industries in the growing biopharmaceutical market segment.

"Both Pure-Flo and Precision Stainless are number one in their respective U.S. markets," said Al Calabria, president of Engineered Valves, the ITT Industries company that produces Pure-Flo products. "The addition of Precision's engineered products will strengthen the value of the solutions we provide to our biopharmaceutical customers and accelerate our growth in this segment."

Precision Stainless, based in Springfield, Missouri, is known for exceptional customer service and high quality engineered products. Its three main product offerings include custom-designed shop-fabricated vessels, field-fabricated tanks and related components, such as manways, tank heads and ferrules. The company's products support specialized processes used in both the biopharmaceutical industry as well as in food-beverage operations. The company employs 260 people.

According to Calabria, "Many of Precision's products utilize Pure-Flo's diaphragm valves, and the Pure-Flo process systems require vessels. The synergies between our product offerings are enormous."

Source: ITT Inc.

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