ITT Corporation (NYSE:ITT) is a 10.9 billion dollar, global, multi-industry, Fortune 500 company with more than 40,000 employees operating in 55 countries. The company plays an important role in vital markets including water treatment and fluids management, motion and flow control and global defense and security, and is the world’s largest producer of pumps and systems to move and treat water and wastewater.
The company announced today that it will invest USD 10 million to expand its existing Vadodara, Gujarat pump design and test facility. The current expansion comes right on the heels of the inauguration of the manufacturing facility in February, 2009. This additional investment will eventually add 100 new jobs at the site.
Sam Yamdagni, Managing Director, ITT India said, “We’ve grown quickly since opening the facility last year. The expansion will address a significant gap in the Indian market and provide testing capabilities for large metal volute pumps which will be needed as the country expands its Power and Irrigation sectors.”
“India’s growing economy, burgeoning middle class, expanding infrastructure and a vast agricultural hinterland are contributing to its water challenges. In fact India is the largest user of groundwater in the world, with an estimated use of 230 cubic kilometers of groundwater every year – more than a quarter of the global total,” said Gretchen McClain, President, ITT Fluid and Motion Control. “Advanced technology is needed now to provide clean water to Indian cities, to irrigate crops, to treat its wastewater and to protect the environment.”
ITT has more than 100 years experience in the water industry, and identified water as a primary growth platform ten years ago. Today it offers the broadest suite of capabilities, products and technologies in the water space.
In recent months, ITT has received more than USD 1million in orders for wastewater treatment systems in India. It was also been awarded a USD 22 million contract to supply high-end water pumps for two irrigation systems to the “rice bowl” region (Andhra Pradesh) irrigation project, the largest in India. These two systems are slated to irrigate more than 250,000 acres of farmland.
As a global leader in products, solutions and services for the movement and treatment of water, ITT is committed to provide safe water and sanitation to children and families in need. ITT’s signature philanthropy program ‘Watermark’ supports a total of 75 school projects in West Bengal and provides safe drinking water to 82,000 students. These projects are implemented by Water for People – India and local NGO sponsors in the districts of Nadia, North 24 Parganas, South 24 Parganas and Medinipur.
About ITT Corporation
ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company generated 2009 revenue of USD 10.9 billion. www.itt.com