ITT Completes Acquisition of Wolverine Advanced Materials
October 05 2015 - 6:15PM
Business Wire
Wolverine strengthens ITT’s global position
while expanding its material science expertise and global growth
opportunities
ITT Corporation (NYSE:ITT) announced today that it has completed
the previously announced acquisition of Wolverine Automotive
Holdings Inc., the parent company of Wolverine Advanced Materials
LLC (Wolverine).
Wolverine is a global market leader in developing and
manufacturing customized technologies for automotive braking
systems and specialized sealing solutions for harsh operating
environments across a range of industries. It has a strong
reputation for material science-based solutions and meaningful
aftermarket content representing approximately 40 percent of
revenue. The acquisition will broaden ITT’s portfolio for its
strategic OEM, brake manufacturer and aftermarket customers and
give both companies new opportunities to strengthen design, testing
and performance capabilities.
For more information, please visit our website at
http://www.itt.com/Investors/.
About ITT
ITT 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. For more information, visit www.itt.com.
Safe Harbor Statement
This release contains “forward-looking statements” intended to
qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995 (the “Act”). No
forward-looking statement can be guaranteed, and actual results may
differ materially from those projected. All forward-looking
statements included in this release are based on information
available to us on the date hereof, and we undertake no obligation
to publicly update any forward-looking statement, whether as a
result of new information, future events or otherwise. The
forward-looking statements are not historical facts, but rather are
based on current expectations, estimates, assumptions and
projections about the business and future financial results of the
industry in which we operate, and other legal, regulatory and
economic developments. These forward-looking statements include,
but are not limited to, future strategic plans and other statements
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or financial performance.
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extent unpredictable, and involve known and unknown risks,
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results to differ materially from those expressed or implied in, or
reasonably inferred from, such forward-looking statements.
Forward-looking statements in this release should be evaluated
together with the risks and uncertainties that affect our business,
particularly those mentioned in the Risk Factors section of the
Company's Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and other documents filed from time to time with the
Securities and Exchange Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20151005006753/en/
ITT CorporationInvestors:Melissa Trombetta, +1
914-641-2030melissa.trombetta@itt.comorMedia:Kathleen Bark, +1
914-641-2103kathleen.bark@itt.com
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