ITT Sold Auto Brake & Fuel Tubing Business
ITT Industries has completed the sale of its automotive brake & fuel tubing and components business to Cooper-Standard Automotive, a privately-held company, for approximately $205 million.
The business, one of the top global manufacturers of steel and plastic tubing for fuel and brake lines and quick-connects, serves the automotive and transportation industries, employing 3,500 people in seven countries.
"With this transaction behind us, we can sharpen our focus on our other improvement priorities, such as streamlining our operations and expanding our core businesses in advanced water treatment, water and wastewater solutions, space, defense electronics 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. "We will continue operating our portfolio toward achieving premier multi-industry performance, with an improved growth profile, increased margins and a more efficient use of capital."
ITT Industries, Inc. supplies advanced technology products and services in key markets including: fluid and water management including water treatment; defense communication, opto-electronics, information technology and services; electronic interconnects and switches; and other specialty products. Headquartered in White Plains, NY, the company generated $7.4 billion in 2005 sales. In addition to the New York Stock Exchange, ITT Industries stock is traded on the Midwest, Pacific, Paris, London and Frankfurt exchanges.
Source: ITT Inc.