PRZOOM - /newswire/ -
Milan, Italy, 2010/04/29 - ITT Corporation (NYSE: ITT) announced that its Motion Technologies business will open a new research and development (R&&D) facility in Frankfurt, Germany. NYSE: ITT
On April 27, ITT Corporation announced that its Motion Technologies business will open a new research and development (R&&D) facility in Frankfurt, Germany as a center of excellence for new product development, testing and measurement. ITT is a leading provider of brake pads, friction materials and performance shock absorbers for the public and private transportation markets. The new 2,600 square meter facility will represent a $10 million investment, and is expected to be operational by November 2010. ITT has engaged Cushman & Wakefield LLP to incorporate into the facility the latest innovations in environmental sustainability, with emphasis on renewable energy.
"This is a major investment, and further demonstrates our commitment to key customers in the transportation markets, especially for Central and Northern Europe, which today represent the largest portion of our business," said Salvatore Torrisi, ITT Motion Technologies president. "It will provide a significant additional capability that will fuel our new product development plans and ensure continuous product and technology leadership to benefit all our customers, and will boost our ability to serve and grow in the mass transit business."
ITT's new R&&D facility will replace an existing one in Bad Camberg, Germany. Torrisi said the decision was made to move to Frankfurt to be closer to additional railway product development capability. The company will also add new resources in bus and rail.
ITT's Motion Technologies business will maintain its other R&D centers in Barge, Italy; Oud Beijerland, Holland; Novi, Michigan; Seoul, South Korea; and Tokyo, Japan.
About ITT Motion Technologies
ITT's Motion Technologies business develops, produces and sells brake pads and friction materials for private and public transportation markets and all the major transportation manufacturing industries around the world. It also makes high quality and performance hydraulic shock absorbers and suspension systems for street and racing cars, heavy and light trucks, trailers, rail and industrial applications. It is also a leading supplier of technological innovations in R&&D services.
About ITT Corporation
ITT Corporation (itt.com) is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company generated 2009 revenue of $10.9 billion.