Seneca Falls, New York and Phoenix, Arizona, June 5, 2001 - The Industrial Pump Group of ITT Industries, Inc. [NYSE:ITT], the world?s largest pump producer, and the Hi-Spec Solutions business of Honeywell [NYSE:HON] Industrial Control have formed an alliance to jointly develop and market new integrated solutions that will enable improved flow control, reduced energy consumption, lower maintenance costs, and real-time asset management of industrial rotating machinery.
Under terms of the alliance, the two companies will integrate ITT Industries? PumpSmart?, part of the Goulds Pumps line of flow control products with Honeywell?s @sset.MAX? asset optimization technologies. The new solutions will deliver combined asset management and intelligent flow control capabilities for the process industries - including integration of the first intelligent flow control system with asset management software for on-line monitoring and optimization of critical plant assets.
"It has never been more clear that our industrial customers must embrace energy efficiency and optimize asset utilization to remain competitive," said Ken Napolitano, General Manager of ITT Industries? PumpSmart Control Solutions. "We are excited about the opportunities created by merging the complementary expertise of Honeywell and ITT Industries in the areas of process automation and rotating machinery optimization."
Virginia Burnell, Vice President and General Manager of Honeywell Hi-Spec Solutions, said, "We are pleased to be able to work with ITT Industries to bring together our respective technologies for the benefit of our customers. We expect our solution offerings will open new avenues for companies to improve manufacturing performance and profitability."
About ITT Industries PumpSmart Control Solutions
( www.pumpsmart.net) is a division of the Industrial Pump Group of ITT Industries.
ITT Industries, Inc. (http://www.itt.com) supplies advanced technology products and services in key markets including: electronic interconnects and switches; defense communications, opto-electronics, information technology and services; fluid and water management and specialty products. Headquartered in White Plains, New York, the company generated $4.8 billion in 2000 sales, and employs approximately 42,000 people around the world. In addition to the New York Stock Exchange, ITT Industries stock is traded on the Midwest, Pacific, London, Paris and Frankfurt exchanges.