IN FOCUS

ITT Industries German Holding GmbH, a fully-owned subsidiary of ITT Industries, Inc., said today that it has received all necessary regulatory approvals to proceed with its public offer for WEDECO Water Technology.

As of 1 January 2004, the pump manufacturing Grundfos Group, whose main office is situated in Denmark, has taken over 94 per cent of the shares in the German based pump manufacturing group Hilge.

Pentair announced that it has completed the acquisition of water filtration products manufacturer, Everpure, from United States Filter Corporation, a unit of Veolia Environnement.

Gardner Denver has declared its previously announced cash offer of 185 pence per share for the outstanding shares of Syltone to be wholly unconditional, effectively completing this acquisition. Holders of more than 96% of the outstanding shares …

Richmond, Virginia: KSB announced today that it has purchased Precision Pump and Machine, Inc., of Bakersfield, California. Terms of the acquisition were not disclosed.

• Strong organic revenue growth trend seen continuing in 2004
• New products, enhanced competitive positions for growth in margins
• Company reaffirms previous FY 2003 earnings guidance

The Water Hydraulics Company (TWHC) in Hull has been successful in purchasing the range of products manufactured under the “Pure” brand name from the SPX Fluid Power division.

Friedrich Rufer, Head of Finance and Accounting at Georg Fischer AG and a member of the Executive Committee, will retire at the next Annual General Meeting on March 17, 2004.

Thomas Industries Inc. announced that the Company plans to begin expensing stock options in 2003, using the guidelines of the Statement of Financial Accounting Standards (SFAS) No. 123, “Accounting for Stock-Based Compensation”.

Sulzer Pumps has launched a far-reaching operational improvement program to considerably strengthen performance. The division thereby aims to continue on the positive trend of 2003.