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ITT, Pentair Create New Pump Motor Company

ITT Industries Inc. and Pentair Inc. announced the formation of a partnership to create a new autonomous company, which will manufacture pump motors.

ITT Industries Inc. announced today that it has joined with Pentair Inc. to create FARADYNE Motors LLC, a separate and autonomous company. FARADYNE will design, develop and manufacture submersible pump motors for both water technology companies. Production will begin in 2006.

ITT's Senior Vice President Hank Driesse, President of ITT's Fluid Technology business said, "We believe this provides a strategic complement to our product portfolio and is supported by positive feedback from our extensive customer network. We are confident these products will soon become the industry standard."

FARADYNE Motors is governed by its own board made up of six members. It will be headquartered in Newark, NY. The terms of the joint venture agreement extend for five years.

FARADYNE Motors will bring to market a submersible pump motor to be used primarily in private water wells. The company will offer 4-in. diameter submersible motors.