PRZOOM - /newswire/ -
White Plains, NY, United States, 2015/03/24 - New investment reflects long-term commitment to customers in the region and supports China automotive industry - ITT.com. NYSE: ITT
ITT Corporation announced today that it is investing approximately $20 million to further expand its braking technology production capabilities in Wuxi, Jiangsu Province, China, bringing its total investment in the facility to nearly $50 million over the past three years.
The investment in the company's Motion Technologies business demonstrates ITT's ongoing commitment in China as it ensures the facility is prepared for future opportunities to support customers and the automotive market in the region. ITT's Motion Technologies business produces and supplies braking and friction technologies for all categories of passenger cars for major vehicle manufacturers in China and around the world.
"While ITT has a strong footprint in China, we are continually looking for ways to enhance our manufacturing and technological capabilities as we grow with our customers in this important region," said Denise Ramos, CEO and president. "With this investment, we will be better positioned to provide the volume, quality and service that our customers expect of ITT and that has distinguished us in other key markets such as Europe and North America."
Over the past two years, the Motion Technologies business has grown through partnering with customers in key geographies, including China, Western Europe and North America.
"This is an investment for the future that reflects 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 Wuxi team, who are continually developing and applying their expertise to raising industry standards for safety and performance while partnering with OEMs and brake manufacturers to create the most effective solution for an efficient and high-performing brake system."
ITT has a variety of other products and services that support the energy, transportation and industrial sectors of the Chinese economy. These include advanced shock absorbers and connectors that are crucial components in rail transit systems in cities such as Beijing, Chongqing and Zhengzhou; charging connector solutions that support the development of the electric vehicle sector; and products and services for the aerospace and industrial process markets.
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 2014 revenues of $2.7 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 2014, ITT sales revenue in China and Hong Kong reached $141 million.