ITT Industries acquires Precision Stainless Inc.

ITT Industries, a supplier of advanced technology products headquartered in White Plains, N.Y., has signed an agreement to purchase the business and assets of Springfield-based Precision Stainless Inc., according to a news release from the company.

The acquisition of Precision's vessel products is considered a complement to ITT's Pure-Flo valves and process systems, and is forecasted to increase growth opportunities for ITT in the growing biopharmaceutical market segment.

Precision Stainless Inc.'s main product offerings are custom-designed, shop-fabricated vessels, field-fabricated tanks and related components, such as manways, tank heads and ferrules.

The company employs 260 people in its operations.

Precision's products support specialized processes used in both the biopharmaceutical industry and in food-beverage operations.

"Both Pure-Flo and Precision Stain-less are number one in their respective U.S. markets," said Al Calabria, president of Engineered Valves, the ITT In-dustries company that manufactures Pure-Flo products.

"The addition of Precision's engineered products will strengthen the value of the solutions we provide to our biopharmaceutical customers and accelerate our growth in this segment," Calabria added.

He noted that many of Precision's products utilize diaphragm valves manufactured by Pure-Flo, and that the Pure-Flow process system requires vessels.

"The synergies between our product offerings are enormous," Calabria said.

ITT is a prominent supplier of advanced technology products and services in key markets, including electronic interconnects and switches; defense communication, information technology and services, fluid and water management and specialty products. The company generated $4.8 billion in 2000 sales.