ITT/Goulds to invest $22M in Seneca Falls plant

SENECA FALLS, N.Y., Nov. 14, 2012 – ITT Corporation (NYSE: ITT) announced today it will add a 75,000-square-foot manufacturing facility and an expansion of its current Research and Development Laboratory to its Seneca Falls campus. The site is the global headquarters of its Industrial Process business and the largest Goulds Pumps manufacturing operation.The company will invest $22 million at the location, expanding its capability to develop, produce and test highly engineered pumps for the global oil and gas industry. The project includes a new state-of-the-art test facility for high-energy pumps.The project will add a minimum of 50 jobs in Seneca Falls. There are currently 860 employees of the ITT Industrial Process headquarters, Research and Development Laboratory, and Goulds Pumps manufacturing operations at the site.“ITT recently celebrated the first anniversary of our transformation to a global diversified industrial company, and today is an important day for our Industrial Process business, as we are expanding to support our growth in the global oil and gas market,” said Robert J. Pagano Jr., ITT Industrial Process president. “Our Goulds Pumps business has been here since 1848, and we’re excited to build on that strong legacy and add to our talented workforce.”The new manufacturing facility will be built on company property, with construction planned to start in the spring of 2013 and be completed before the end of the year. The jobs to be added are mostly manufacturing related and will include equipment operators, assemblers, shippers and machinists, as well as supervisors and operations professionals. Approximately one-third of the positions created will be for engineers, and some current employees will be promoted into new roles as a result of the expansion.Construction work on the Research and Development Laboratory is already underway and targeted for completion by the second quarter of 2013.ITT had considered other locations for the planned facility, in Seneca Falls and other regions of North America. Empire State Development (ESD) and its state and local partners prepared a package of incentives and benefits including construction program funds, sales and property tax relief, energy cost reduction, roadway and utility infrastructure investments, employment incentives, and training grants to enable the expansion to take place locally.“Our site selection process was a competitive one, and we’re very appreciative of the support and commitment we’ve received from New York State and local government and their agencies, and our elected officials, to make this expansion the right business decision for our company and our employees,” Pagano said.Michael Morse, ESD’s senior director, industry development, said, “We and our development partners are offering ITT Goulds Pumps a combined incentive proposal valued at more than $5 million. This initiative demonstrates the viability of New York State as a home for global manufacturers like ITT.”Lieutenant Governor Robert Duffy said, “Governor Cuomo’s commitment to building a new New York that supports businesses and creates jobs is demonstrated today by ITT Goulds Pumps announcement that it will expand in Seneca Falls. This new investment will ensure that a leading manufacturer remains in New York. “I am pleased that the state has offered $1.5 million in Excelsior Jobs Program benefits and a $100,000 training grant to support ITT Goulds Pump so that it can invest in Seneca County, as well as create at least 50 jobs. ITT Gould Pumps is a world-class company, and we are proud to have them stay and expand in upstate New York.”Seneca Falls Industrial Development Authority Chairman Thomas Kime said, “The IDA Board is proud and appreciative that ITT Goulds Pumps has chosen to invest and expand its industrial base here in Seneca County , we are also grateful for the ongoing efforts put forth by our professional staff to assist and encourage businesses to do so.”New York Senator Mike Nozzolio, 54th Senate District, said, “Securing the necessary financial incentives for ITT Goulds Pumps to keep jobs here and grow and expand is extremely important news for Seneca County and the Finger Lakes region. I was pleased to work with Governor Cuomo, representatives of Empire State Development and the Seneca County IDA to secure the necessary financial incentives for ITT Goulds Pumps to grow and expand their operations in Seneca County.””It is great to see a manufacturing success story here in the Finger Lakes Region, and NYSEG is pleased to support the continued growth of ITT Goulds Pumps and the benefits that growth brings to the local economy,” said Mark S. Lynch, president of New York State Electric & Gas (NYSEG) and Rochester Gas & Electric (RG&E). “This project is a strong candidate for our robust economic development grant programs, and it is a prime example of why we have these grant programs – to act as a catalyst for capital investment that protects and creates jobs in upstate New York.”“NYSERDA is pleased to have been able to provide ITT incentives for energy efficient measures,” said Francis J. Murray Jr., President and CEO, NYSERDA. “These incentives are part of the State’s commitment, under Governor Cuomo’s leadership, to creating jobs in the manufacturing sector and stimulating economic activity in the Finger Lakes region.”About ITT ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for growing industrial end-markets in energy infrastructure, electronics, aerospace and transportation. 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 30 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.Headquartered in Seneca Falls, ITT Goulds Pumps is a leading manufacturer of pumps for a wide range of industrial markets — including oil & gas, mining, chemical, energy, pulp and paper, and general industry. As the first manufacturer to make digital monitoring standard on every process pump, ITT’s Goulds Pumps continues to lead the industry in both mechanical pump design and the adoption of smart technologies.

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