ITT Continues Portfolio Shaping by Announcing Sale of Shape Cutting Product Lines to Lincoln Electric

  ITT Continues Portfolio Shaping by Announcing Sale of Shape Cutting Product
  Lines to Lincoln Electric

  Disposition includes Burny, Kaliburn and Cleveland Motion Controls brands

Business Wire

WHITE PLAINS, N.Y. -- November 13, 2012

ITT Corporation (NYSE: ITT) announced today the sale of its shape cutting
product lines, including the Burny and Kaliburn brands, to Lincoln Electric
Holdings, Inc. (Nasdaq: LECO), a global manufacturer of welding, cutting and
joining products headquartered in Cleveland, Ohio. The sale also includes web
tension control products and custom engineered systems sold under the
Cleveland Motion Controls brand.

Terms of the transaction were not disclosed.

“This disposition is in line with ITT Corporation’s efforts to shape our
portfolio after the spin-offs of our water and defense businesses one year
ago,” said Denise Ramos, chief executive officer and president of ITT
Corporation.

The product lines that are part of today’s disposition generated revenue of
$35 million in 2011 with approximately 140 employees globally. These products
were previously part of ITT’s Control Technologies segment, located primarily
in Ladson, South Carolina.

“This is an outstanding team of people, managing powerful brands in the
markets they serve,” said Munish Nanda, president of ITT’s Control
Technologies business. “However, as part of ITT’s overall strategic portfolio
shaping effort, we determined that while these product lines are
well-positioned within their markets, they were not aligned with the future
focus of the Control Technologies business on aerospace, energy absorption and
precision motion control applications. We believe that their acquisition by
Lincoln Electric will provide new opportunities for them, as well as greater
value creation within Control Technologies.”

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 2011 revenues of
$2.1 billion. For more information, visit www.itt.com.

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Contact:

ITT Corporation
Investors:
Melissa Trombetta,  +1 914-641-2030
melissa.trombetta@itt.com
or
Media:
Kathleen Bark,  +1 914-641-2103
kathleen.bark@itt.com
 
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