ITT acquires F.B. Leopold Company

ITT has bought the F.B. Leopold Company, of Zelienople, PA. The company, with annual revenues of about $50M, serves primarily municipal and industrial water and wastewater treatment facilities. Founded in 1924, Leopold is a leader in clarification and gravity filtration technology. The deal expands ITT's ability to provide pre-treatment filtration technology for surface water, reuse and desalination -- essential to providing clean water and meeting current and future regulatory requirements...

Acquisition expands offerings in water and wastewater treatment sector.

WHITE PLAINS, NY, June 16, 2006 -- ITT announced June 14 that it has acquired the F.B. Leopold Company Inc. based in Zelienople, PA. Leopold serves a number of markets, primarily municipal and industrial water and wastewater treatment facilities. This acquisition expands ITT's ability to provide pre-treatment filtration technology for surface water, reuse and desalination, which is essential to providing clean water and in meeting current and future regulatory requirements.

Terms of the transaction, which closed Wednesday, were not disclosed, but ITT's stock price was up 86 cents at $48.81 on the New York Stock Exchange.

"With Leopold, ITT will build on our global leadership position in water treatment, reuse and disinfection. We will also be able to extend Leopold's market leadership position in the North American water treatment market to other global markets," said Hank Driesse, President of ITT Fluid Technology.

Founded in 1924, Leopold, with annual revenues of approximately $50 million, is a leader in clarification and gravity filtration technology. Its products include clarification systems, dissolved air flotation systems, filter-under-drain systems, anthracite based filters, nutrient removal filters, sludge collectors and automatic filter control systems. This technology, as used by water treatment utilities, is growing in importance in wastewater reuse and desalination and plays an important role in wastewater treatment filtration.

"This acquisition is part of our strategy of transforming ITT from a provider of products to delivering total treatment solutions to the water and wastewater market," said Gary Aicher, President ITT Water Treatment. "Leopold's design capabilities and technologies will strengthen the value of the solutions we provide to our customers and accelerate our growth in this core segment."

"ITT is now well positioned to provide customers with the world's leading water and wastewater product portfolio through a complete line of pumps, water filtration and disinfection products," said Chuck Reading, Executive Vice President and Director for Marketing ITT Water Treatment. "In conjunction with ITT's existing biological treatment, ultraviolet and reverse osmosis and filtration capabilities, Leopold expands our ability to offer full system solutions in water treatment."

ITT Industries Inc. (www.itt.com) supplies advanced technology products and services in key markets including: fluid and water management including water treatment; defense communication, opto-electronics, information technology and services; electronic interconnects and switches; and other specialty products. Headquartered in White Plains, NY, the company generated $7.4 billion in 2005 sales. In addition to the New York Stock Exchange, ITT Industries stock is traded on the NYSE Arca, Paris, London and Frankfurt exchanges.

Also see:
-- "ITT Names Aris C. Chicles to vice president, director of strategy and corporate development"
-- "Kolon Industries Inc. to provide membrane fibers, modules for ITT's reuse, drinking water systems"

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