ITT Sells Auto Brake & Fuel Tubing Business

07.12.2005

ITT Industries, Inc. has signed a definitive agreement to sell its automotive brake & fuel tubing and components business to Cooper-Standard Automotive, a privately-held company, for $205 million in cash.

The business, one of the top global manufacturers of steel and plastic tubing for fuel and brake lines and quick-connects, serves the transportation industry with reported 2004 revenues of $437 million. Both parties expect to finalize the transaction in the first quarter of 2006, subject to customary closing conditions and regulatory approval.

"This transaction is consistent with our value-based strategy of focusing ITT's assets and attention on our core businesses, such as advanced water treatment, water and wastewater solutions, space, defense electronics, systems and services, and leisure marine in order to provide greater potential for growth and profitability," said Steve Loranger, Chairman, President and Chief Executive Officer of ITT Industries.

Source: ITT Inc.

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