IN FOCUS

As expected, the start into the current financial year was difficult for the BWT Group – Best Water Technology. In the first quarter, Europe’s market leader in water processing posted a sales and earnings decline, due largely to the down-turn in the semiconductor business.

Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) announced that William B. (Barry) Doggett has been appointed vice president, public and community affairs, effective June 2, 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.

Dover Corporation announced today that Ronald L. Hoffman, 54, will become President and Chief Operating Officer, effective July 1, 2003. Mr. Hoffman is currently a Vice President of Dover and Chief Executive Officer of its Dover Resources segment.

Invoiced sales amounted to 70,6 (78,6) MEUR, which adjusted for the effect of exchange rate movements is 6 percent lower than the previous year. Operating earnings amounted to 3.3 (3.3) MEUR.

Flowserve Corp. (NYSE:FLS) announced today the appointment of Andrew J. Beall as President of the Flow Solutions Division. Beall will oversee all aspects of the Flow Solutions business, with worldwide annual sales of approximately $350 million. He will also continue to serve as Vice President of Flowserve Latin America supporting all three divisions.

Weak dollar impacts sales, solid 7.8 % after-tax return on sales

KSB Aktiengesellschaft intends to take over the Dutch pump manufacturing company DP Industries B.V. based in Alphen a/d Rijn. An agreement to this effect is planned to be signed in mid-May.

• Revenue growth in all four business segments
• Defense backlog reaches record $3 billion
• Water/wastewater organic revenue growth 13 percent
• Company maintains full year 2003 earnings guidance