IN FOCUS

Tarrytown, New York, May 7, 2002- ITT Industries, Inc.’s (NYSE: ITT) Board of Directors today declared a $0.15 per share dividend for the second quarter of 2002.

The following is the text of the statement delivered by the Chairman, Sir Ronald Garrick, at this year’s AGM.

Kenneth (Ken) Rodi joined Waukesha Cherry-Burrell on March 18 as Vice President – Finance/CFO.

Danish scientist Professor Deng Ole Sigmund, has been awarded the DKK1m Grundfos Prize 2002 for his groundbreaking research in the form and topology optimisation of mechanical systems.

For the third time a company has received the Grundfos Group Supplier Award. All European Grundfos production companies were in complete agreement nominating AEG Kondensatoren und Wandler GmbH, Germany.

The award of the economy club Rhine-Main and the Wirtschaftswoche was awarded for the 22nd time. It was presented by the Federation`s research minister Edelgard Bulmahn at the Gala night of the German economy in the Alten Oper in Frankfurt on January 19th. The innovation were into the following categories divided: Bio- and genetic engineering, information engineering, energy + traffic, mechanical engineering, medicine, metrology, ambient environment and other. In the division ambient environment the Herborner Pumpenfabrik presented an energy saving pump. As market leaders in the range for swimming pool water circulation pumps, the company is known for innovative pumps technology.

As of July 2002, Corporate Development at Sulzer will be headed by Christina Künzle, who is also appointed to the Executive Committee. Aged 46, she holds an MBA (INSEAD) and succeeds Patrick Kilchmann. Christina Künzle is currently managing director of Coutts Consulting (Switzerland and Germany), a specialized human resources consulting company. In July, she will start getting to know her new position, and depending on the transition at her present company, she will start at Sulzer fulltime in the fall.

Invoiced sales amounted to 78.7 MEUR (67.9), which adjusted for the effect of exchange rate movements is a rise of 15 percent. Company acquisitions account for 7 percentage points of this figure. Operating earnings amounted to 3.3 MEUR (3.4).

Asslar, Germany, May 7, 2002. Pfeiffer Vacuum, a leading manufacturer of high-quality vacuum pumps, vacuum gauges and complete vacuum systems, announces its results for the 1st quarter of 2002.

· Inflow of orders: SEK 2,664 million (2,900)

· Invoiced sales: SEK 2,623 million (2,375)

· Earnings after financial items: SEK 79 million (76)

· Preliminary agreement on sale of Rail