ITT Industries Holds Annual Shareholder Meeting

15.05.2003

ITT Industries, Inc. Chairman, President and Chief Executive Officer Lou Giuliano told shareholders that the company's employees are responsible for the multi-industry company's track record of growth and value creation.

He said he expects the full year 2003 to be a continuation of that growth trend. Giuliano delivered his remarks this morning at the eighth annual meeting of ITT Industries shareholders at Tappan Hill, Tarrytown, New York.

"We're proud to have maintained successive years of earnings growth and value creation for our shareholders, and our 38,000 employees have played a critical role in our strong performance," Giuliano said. "Their focus on the customer, their desire to deliver the best product and service, and their efforts to continuously improve our processes are what have allowed us to continue growing even in a tough economic climate. Their hard work and dedication, and their individual leadership give me confidence in ITT's ability to achieve our vision of becoming a premier multi-industry company.

In other business, shareholders re-elected members of ITT Industries' Board of Directors, ratified the selection of Deloitte & Touche as the corporation's outside auditors, and approved an omnibus equity incentive plan for employees and directors that replaces three previous plans.

ITT Industries, Inc. (NYSE: ITT) 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 $4.99 billion in 2002 sales.

Source: ITT Inc.

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