ITT Underlines Commitment to China with Investment, Support of Key Industries and Initiatives
January 13 2012 - 8:00AM
Business Wire
ITT Corporation today announced it is investing $10 million to
enhance braking technology production and create an R&D center
in Wuxi, Jiangsu Province, China, as part of its future commitment
to the region.
The investment in the company’s Motion Technologies business
will include production, testing, R&D and training—among the
largest overseas investments in the history of the business.
ITT’s Motion Technologies business produces and supplies braking
and friction technologies for all categories of cars and commercial
vehicles, both light and heavy, for major transportation
manufacturers in China and around the world.
“ITT has a strong global footprint and is well-positioned for
growth in the China market,” said ITT Chief Executive Officer and
President Denise Ramos. “We are committed to upgrading our local
innovation capacity, and we see China not only as a manufacturing
base but also as a hub for talent development, as evidenced by our
establishment of the R&D center.”
The company also provides a variety of highly engineered
products and services that support the priorities outlined in
China’s 12th Five-Year Plan for National Economic and Social
Development (2011-2015) including sustainable development and
accelerated urbanization.
For example, ITT manufactures advanced charging connector
solutions that support the development of the electric vehicle
sector, one of the key industries the Chinese government will
promote aggressively over the next five years. As a world leader in
this area, ITT’s Interconnect Solutions business is now working
closely with BYD, one of China’s leading automotive manufacturers,
to bring these connectors to China and overseas.
“ITT sees growth in the electric vehicle and energy savings
markets in China,” Ramos said. “As an industry-leading manufacturer
of enduring and energy-saving engineering solutions, we are
committed to working closely with our partners in China to support
the nation’s sustainable development.”
The company also provides other products and services that
promote China’s goal of expediting urbanization and meeting the
needs of a growing middle class, as well as support key industries
such as chemicals and oil and gas. For example, ITT shock absorbers
and connectors are crucial components in rail transit systems in
cities such as Beijing, Chongqing and Zhengzhou, and the company is
expanding its services to industrial process markets to help them
achieve better efficiency.
About ITT
ITT is a diversified leading manufacturer of highly engineered
critical components and customized technology solutions for growing
industrial end-markets in energy infrastructure, electronics,
aerospace and transportation. Building on its heritage of
innovation, ITT partners with its customers to deliver enduring
solutions to the key industries that underpin our modern way of
life. Founded in 1920, ITT is headquartered in White Plains, N.Y.,
with more than 8,000 employees in more than 15 countries and sales
in more than 125 countries. The company generated pro forma 2010
revenues of approximately $2 billion. For more information, visit
www.itt.com.
About ITT China
ITT Corporation’s origins in China can be traced to the 1920s.
As early as 1928, ITT installed the first telephone exchange system
in Shanghai. In 1996 ITT (China) Investment Co., Ltd., was
established in Beijing, which greatly promoted its investment and
development. ITT China has more than 1,100 employees and three
manufacturing facilities in Shanghai, Wuxi and Shenzhen. In 2010,
ITT sales revenue in China reached $100 million.
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