ITT Industries Acquires Precision Stainless Inc.

January 7, 2002

ITT Industries, Inc. has signed an agreement to purchase the business and assets of Precision Stainless Inc., a manufacturer of process vessels for the biopharmaceutical industry.

Precision's vessel products complement ITT Industries Pure-Flo valves and process systems, and will provide significant growth opportunities for ITT Industries in the growing biopharmaceutical market segment, according to the company.

Precision Stainless, based in Springfield, Missouri, employs 260 people. Its three main product offerings include custom-designed, shop-fabricated vessels; field-fabricated tanks; and related components such as manways, tank heads, and ferrules. The company's products support specialized processes used in both the biopharmaceutical industry as well as in food-beverage operations.

According to Al Calabria, president of Engineered Valves, the ITT Industries company that produces Pure-Flo products, "Many of Precision's products utilize Pure-Flo's diaphragm valves, and the Pure-Flo process systems require vessels. The synergies between our product offerings are enormous."

Based in White Plains, N.Y., ITT Industries, Inc. supplies advanced technology products and services in key markets including electronic interconnects and switches; defense communication, opto-electronics, information technology, and services; fluid and water management; and specialty products.

Source:

ITT Industries

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