ITT Industries announced that it has signed an agreement to purchase Precision Stainless, Inc., of Springfield, MO. Precision's main product offerings include custom-designed shop-fabricated vessels, field-fabricated tanks and related components, such as manways, tank heads and ferrules. These products are used in both the biopharmaceutical and food-beverage industries. Precision's vessel products complement ITT's Pure-Flo valves and process systems.

ITT also announced a reorganization of its Fluid Technology Operations, creating five key groups. The new Water Technology Group includes ITT's Goulds' residential well water system, agricultural and irrigation pumps, and Lowara stainless steel pump operations. The Wastewater market will be served by two separate organizations: Flygt and Sanitaire, which was formerly part of Flygt. The Engineered Valve Div. will include three separate units: Pure-Flo Solution Group, Richter Chemic-Technik, and a third unit offering valves and related components for industrial processes. The Industrial Pump Group will include core brands such as Goulds, A-C, PumpSmart and PRO Services. The Building Trades Group will be served by the Fluid Handling Div.'s familiar brands: Bell & Gossett, McDonnell & Miller, Domestic Pump and Hoffman Steam Specialties and Pumps.