PRZOOM - /newswire/ -
White Plains, NY, United States, 2014/01/16 - New investment reflects long-term commitment to continue building braking production and R&D capabilities to support China automotive industry - ITT.com. NYSE: ITT
ITT Corporation announced today that it is investing approximately $20 million to expand its braking technology production and R&D capabilities in Wuxi, Jiangsu Province, China, bringing its total investment in the facility to nearly $30 million over the past two years.
The investment in the company’s Motion Technologies business is part of ITT’s long-term commitment to growth in the region and follows approximately $10 million announced in early 2012. ITT’s Motion Technologies business produces and supplies braking and friction technologies for all categories of cars and commercial vehicles 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 automotive industry with strong manufacturing and technological capabilities that differentiate us with our customers,” said Denise Ramos, CEO and president. “With this investment, we will be implementing the same advanced processes and equipment in China that have driven our reputation for quality and service in other key markets such as Europe and North America.”
Over the past two years, the Motion Technologies business has grown through share gains and market expansion in key geographies, including China, Western Europe and North America.
“This investment reflects the next step in our strategy to further support our global and local original equipment manufacturers (OEMs) and brake manufacturers with innovative and high-quality products that meet the expectations of an increasingly sophisticated customer base,” said Luca Savi, president of ITT’s Motion Technologies business.
“The investment also reflects the contributions and successes of our local team, who are continually developing and applying their expertise to improve safety and performance while partnering with OEMs and brake manufacturers to create the most effective solution for an efficient and high-performing brake system. We are very pleased with the progress we have made over the past two years and are confident that Wuxi will continue to be a key global site for our business over the long-term.”
ITT’s products and services align with Chinese national priorities around supporting the country’s growing middle class, urban expansion and sustainable development. Other products include advanced charging connector solutions that support the development of the electric vehicle sector; shock absorbers and connectors that are crucial components in rail transit systems in cities such as Beijing, Chongqing and Zhengzhou; and services for industrial process markets that help them achieve better efficiency.
ITT (itt.com) is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the energy, transportation and industrial markets. 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 employees in more than 35 countries and sales in a total of approximately 125 countries. The company generated 2012 revenues of $2.2 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 1,200 employees and manufacturing facilities in Shanghai, Wuxi and Shenzhen. In 2012, ITT sales revenue in China and Hong Kong reached $114 million.