PRZOOM - /newswire/ -
Beijing, China, 2012/01/13 - 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 - ITT.com. NYSE: ITT
• $10 million investment to enhance braking technology production and create Research and Development (R&D) center;
• Crucial components for electric vehicles to be introduced into China market;
• Products and services align with country’s transportation, urbanization and energy priorities.
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.
ITT (itt.com) 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.
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.
T: +1 914 641 2103 / E: kathleen.bark[.]itt.com.
+1 914 641 2032 / E: melissa.trombetta[.]itt.com.