ITT Industries German Holding GmbH
ITT Industries To Purchase Controlling Interest in WEDECO
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ITT Industries To Purchase Controlling Interest in WEDECO
– Tender offer concluded on Friday, Jan. 16, 81.4 percent shares tendered
– Additional acceptance period from January 24 until February 6, 2004
– Acquisition rounds out ITT’s global water treatment product line through
addition of WEDECO’s ultraviolet disinfection and ozone oxidation products
White Plains, New York and Duesseldorf, Germany– ITT Industries (NYSE:ITT)
announced that its fully owned subsidiary ITT Industries German Holding GmbH
will acquire a controlling stake in WEDECO Aktiengesellschaft Water Technology
(TecDAX: WDO) following a previously announced share tender offer that concluded
on January 16, 2004. The offer concluded on 12:00 noon on Friday, January 16,
2004, at which time WEDECO shareholders had agreed to tender 54.28 percent of
the shares for EUR18 cash per share, in addition to the 27.14 percent of the
shares to be sold by the main shareholder GfS Finance GmbH adding up to a
tentative 81.42 percent of total shares. This result is still subject to change
as acceptances and withdrawals which have been declared until January 16, 2004
12:00 noon may still take effect until close of business in Germany Tuesday,
January 20, 2004. On Friday, January 23, 2004, the final total of tendered
shares will be published and the offer will be completed for the shares tendered
in the acceptance period. Regulatory authorities in Germany, the U.S. and Spain
have approved the combination.
From January 24 until February 6, 2004 WEDECO shareholders will again have the
opportunity to tender the shares in an additional acceptance period.
ITT’s Fluid Technology group is the world’s leading provider of fluid equipment,
including pumps, and a market leader in water treatment systems providing
complete systems for secondary wastewater treatment and membrane filtration for
the municipal and industrial markets. WEDECO is the world’s largest manufacturer
of UV disinfection and ozone oxidation systems, and will become a part of the
Sanitaire division of ITT’s Fluid Technology group.
About ITT Industries
ITT Industries, Inc. (www.itt.com) supplies advanced technology products and
services in key markets including: electronic interconnects and switches;
defense communication, opto-electronics, information technology and services;
fluid and water management and other specialty products. Headquartered in White
Plains, NY, the company generated $4.99 billion in 2002 sales.
The main listing and place of trading for ITT Industries stock is the New York
Stock Exchange. The stock is currently also listed on the Midwest, Pacific,
London, Frankfurt and Paris stock exchanges.
Certain material presented herein consists of forward-looking statements which
involve known and unknown risks, uncertainties and other important factors that
could cause actual results to differ materially from those expressed in, or
implied from, such forward-looking statements. Such factors include general
economic conditions, foreign currency exchange rates, competition and other
factors all as more thoroughly set forth in Item 1. Business and Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of
Operations – Forward-Looking Statements in the ITT Industries, Inc. Form 10-K
Annual Report for the fiscal year ended December 31, 2002, and other of its
filings with the Securities and Exchange Commission.
end of message, (c)DGAP 19.01.2004
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WKN: ; ISIN: XF000DGAP009; Index:
Listed:
190900 Jän 04
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