ITT Industries acquires Precision Stainless Inc.

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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.|ret||ret||tab|

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.|ret||ret||tab|

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. |ret||ret||tab|

The company employs 260 people in its operations. |ret||ret||tab|

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

"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. |ret||ret||tab|

"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. |ret||ret||tab|

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

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

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.[[In-content Ad]]