ITT Acquires F.B. Leopold Company Inc.
June 14 2006 - 4:00PM
PR Newswire (US)
Acquisition Expands Offerings in Water and Wastewater Treatment
Sector WHITE PLAINS, N.Y., June 14 /PRNewswire/ -- ITT (NYSE:ITT)
announced today that it has acquired the F.B. Leopold Company 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. "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." About ITT Industries 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 NYSE Arca, 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
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from this site. Registration and video are free to the media.
DATASOURCE: ITT Industries, Inc. CONTACT: Bjorn von Euler of ITT
Industries, Inc., +1-201-456-2633, Web site: http://www.itt.com/
http://www.thenewsmarket.com/ITT
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