IN FOCUS

Dover Corporation earned $73.4 million or $.36 diluted earnings per share (DEPS) from continuing operations in the second quarter ended June 30, 2003, compared to $65.3 million or $.32 DEPS from continuing operations in the comparable period last year, an increase of 12%.

Golden Valley announced that its second quarter 2003 earnings per share (EPS) of $0.88 gained two percent over EPS of $0.86 in the same period last year, resulting in first-half EPS of $1.44, a 12 percent increase over EPS of $1.29 in the first half of 2002.

Eaton Corporation announced net income per share of $1.27 for the second quarter of 2003, an increase of 5 percent over net income per share of $1.21 in the second quarter of 2002. Sales in the quarter were $2.03 billion, 8 percent above last year. Net income was $93 million compared to $88 million in 2002.

Orders received by the Sulzer Corporation for the first half year 2003 totaled CHF 1001 million. In local currencies and adjusted for acquisition effects, this represents a substantial growth of 5 percent. The nominal decline of 4 percent is primarily attributable to currency effects. Order volume again increased in the second quarter 2003 – as in the two previous quarters –, and Sulzer expects further stabilization of the markets with partial recovery. Despite the normal slowdown during the summer vacation period, the growth of adjusted order volume is expected to continue throughout the year.

The Veeder-Root Company, global supplier of automatic tank gauging, leak detection, compliance services, and Red Jacket® submersible pumps, announces the appointment of Brian Burnett as president.

A pump repair facility maintained by Flowserve Corporation and located on the Eastman Chemical site in Kingsport, Tennessee was presented a “Supplier Excellence” award through the “Eastman Supplier Excellence Program.” The award was presented on June 2, 2003 in recognition of the facility’s “Outstanding Quality Performance as a Supplier” during 2002.

ITT Industries, Inc. today named Riccardo Trossi to the position of President of ITT’s Motion and Flow Control group. He succeeds Brenda Reichelderfer, who was recently selected to head the company’s Electronic Components group. Trossi was previously President of ITT’s Galfer business unit, based in Barge, Italy.

Bob Went has joined ITT Flygt (UK) as Group Consultant. A respected and well known personality within the water industry, Bob has spent the majority of his 40 year career at Thames Water, most recently as its Principal Mechanical Engineer.

Pentair today announced that it has acquired certain assets of two privately held companies to augment existing businesses in its Water Technologies Group. TwinPumps, Inc. and K&M Plastics, Incorporated.

Crane Co. announces that its English subsidiary, Crane Limited, has purchased the pipe coupling and fittings businesses from Etex Group S.A., including the Victaulic, Viking Johnson, Helden and Wask branded products, for a purchase price of £17.3 million in cash and assumed debt.