ITT Industries, Inc. Chief Financial Officer Ed Williams reaffirmed the company’s earnings projections for the second quarter and the full year 2004.

ITT Industries, Inc. Board of Directors elected Nicholas P. (Nick) Hill to Vice President of the corporation and President of ITT’s Motion & Flow Control unit, a group of businesses that manufactures engineered products for the automotive, leisure marine and aerospace markets with 2003 revenues of $992 million.

ITT Industries, Inc. announced first quarter 2004 net income of $88.9 million, up $2.2 million including the net benefit of special items. Diluted earnings per share (EPS) for the quarter, including the net benefit of special items, was $0.94, up $0.02 per share from reported EPS in the first quarter 2003.

ITT Industries, Inc. announced that its Board of Directors has elected Robert M. Powers to the position of Vice President of the company. Powers is ITT Industries’ Director of Investor Relations, responsible for interaction with the investment community.

The Board of Directors of ITT Industries, Inc. today voted to increase the quarterly dividend 6 percent to $0.17 per share, and declared a cash dividend of $0.17 per share for the first quarter of 2004, payable April 1, 2004, to shareholders of record on March 12, 2004.

The Board of Directors of ITT Industries, Inc. announced that it has implemented a CEO succession plan after Louis J. Giuliano, currently Chairman, President and Chief Executive Officer, indicated his intention to retire in a series of discussions with the Board.

• Q4 revenues up 22 percent
• FY 2003 EPS is $4.29
• Cash flow exceeds expectations
• Company enters water disinfection market

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.

• 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

ITT Industries offers euro 18 per WEDECO share in cash, representing a premium of 36% over the three-month average Xetra closing share price prior to the date of announcement.