ITT ITT Inc

Shareholders re-elect Board members, approve name change to ITT Corporation TARRYTOWN, N.Y., May 9 /PRNewswire-FirstCall/ -- ITT Industries, Inc. (NYSE:ITT) Chairman, President and Chief Executive Officer Steve Loranger told shareholders that the company is well-positioned to continue its long-term growth trend. Loranger delivered his remarks this morning at the eleventh annual meeting of ITT Industries shareholders at Tappan Hill, Tarrytown, New York. "ITT has come a long way since becoming an independent company in 1995, refining its portfolio of businesses around the strong cores in Fluid Technology and Defense, and dramatically improving its financial performance," Loranger said. "We enter our next decade very well-positioned to continue our revenue and earnings growth pattern, continually improving the way we do business, and bringing our "Engineered for life" philosophy to everything we do in developing products and services that advance human progress." In other business, shareholders approved the selection of Deloitte & Touche as the corporation's outside auditors and re-elected all members of ITT Industries' Board of Directors. Shareholders also approved a proposal to change the company's name to ITT Corporation. The name change will take effect on July 1, 2006. The company's stock ticker symbol "ITT" will not change. The company feels that the diverse range of businesses and markets it now serves is best reflected by the name 'ITT Corporation.' The company was incorporated under the name 'ITT Industries' in 1995 to distinguish itself from other entities which at the time had similar names. About ITT ITT Industries, Inc. (http://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 Pacific, Paris, London and Frankfurt exchanges. For free B-roll/video content about ITT Industries, please log onto http://www.thenewsmarket.com/ITT to preview and request video. You can receive broadcast-standard video quality digitally or by tape from this site. Registration and video are free to the media. "Safe Harbor Statement" under the Private Securities Litigation Reform Act of 1995 ("the Act"): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act. These forward-looking statements include statements that describe the Company's business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. Whenever used, words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target" and other terms of similar meaning are intended to identify such forward-looking statements. Forward-looking statements are uncertain and to some extent unpredictable, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in, or implied from, such forward-looking statements. Factors that could cause results to differ materially from those anticipated by the Company include general global economic conditions, decline in consumer spending, interest and foreign currency exchange rate fluctuations, availability of commodities, supplies and raw materials, competition, acquisitions or divestitures, changes in government defense budgets, employment and pension matters, contingencies related to actual or alleged environmental contamination, claims and concerns, intellectual property matters, personal injury claims, governmental investigations, tax obligations, and changes in generally accepted accounting principles. Other factors are more thoroughly set forth in Item 1. Business, Item 1A. Risk Factors, and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements in the ITT Industries, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2005, and other of its filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward- looking statements, whether as a result of new information, future events or otherwise. DATASOURCE: ITT Industries, Inc. CONTACT: Tom Glover, ITT Industries, Inc., +1-914-641-2160, Web site: http://www.itt.com/

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