ITT Industries and Honeywell Alliance to Deliver Asset Optimization Solutions Integrated with PumpSmart Flow Control Systems

SENECA FALLS, N.Y. and PHOENIX, June 5 /PRNewswire/ -- The Industrial Pump

Group of ITT Industries, Inc. (NYSE: ITT), the world's largest pump producer,

and the Hi-Spec Solutions business of Honeywell (NYSE: HON) Industrial Control

have formed an alliance to jointly develop and market new integrated solutions

that will enable improved flow control, reduced energy consumption, lower

maintenance costs, and real-time asset management of industrial rotating

machinery.

Under terms of the alliance, the two companies will integrate ITT

Industries' PumpSmart(R), part of the Goulds Pumps line of flow control

products with Honeywell's @sset.MAX(TM) asset optimization technologies. The

new solutions will deliver combined asset management and intelligent flow

control capabilities for the process industries -- including integration of

the first intelligent flow control system with asset management software for

on-line monitoring and optimization of critical plant assets.

"It has never been more clear that our industrial customers must embrace

energy efficiency and optimize asset utilization to remain competitive," said

Ken Napolitano, General Manager of ITT Industries' PumpSmart Control

Solutions. "We are excited about the opportunities created by merging the

complementary expertise of Honeywell and ITT Industries in the areas of

process automation and rotating machinery optimization. "

Virginia Burnell, Vice President and General Manager of Honeywell Hi-Spec

Solutions, said, "We are pleased to be able to work with ITT Industries to

bring together our respective technologies for the benefit of our customers.

We expect our solution offerings will open new avenues for companies to

improve manufacturing performance and profitability."

About ITT Industries

PumpSmart Control Solutions (http://www.pumpsmart.net) is a division of

the Industrial Pump Group 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 communications, opto-electronics, information technology and

services; fluid and water management and specialty products. Headquartered in

White Plains, New York, the company generated $4.8 billion in 2000 sales, and

employs approximately 42,000 people around the world. In addition to the New

York Stock Exchange, ITT Industries stock is traded on the Midwest, Pacific,

London, Paris and Frankfurt exchanges.

About Honeywell

Honeywell Hi-Spec Solutions provides value-based solutions that maximize

revenue and profitability and enhance cash flow of production-centric

companies. As a premiere provider of supply chain optimization, Hi-Spec

Solutions helps companies maximize their profitability through an integrated

approach to improving manufacturing performance, expanding asset capability,

and enabling improved decision making across the supply chain. Hi-Spec

Solutions is the advanced applications business group of Honeywell Industrial

Control.

Honeywell Industrial Control, headquartered in Phoenix, Arizona, is a

$3 billion global leader in the supply of automation systems, advanced

software solutions and value-added services used in a variety of industries

including refining, petrochemicals, chemicals, oil and gas, pulp and paper,

pharmaceutical, consumer packaged goods, and power generation. Industrial

Control is also a leading global supplier of sensors, switches and control

products for automotive, information technology, consumer, aviation and

industrial applications. For inquiries, call 1-800-288-7491 or access

http://www.iac.honeywell.com or http://www.honeywell.com/sensing.