Share prices of
) increased 1.4% till Jan 8 after it announced a couple of days
back that its subsidiary Goulds Pumps Inc has agreed to end the
patent infringement dispute for an undisclosed compensation by
Summit Pump Inc., a pumping solutions provider based in Green
In Aug 2012, ITT had filed a patent infringement suit against
Summit Pump for violating the patent rights of Goulds Pumps'
TaperBore Plus vaned seal chamber technology and i-FRAME bearing
Summit Pump has agreed to disburse the compensation amount and
stop production of solutions using ITT's technology.
ITT's TaperBore Plus vaned seal chamber is an innovative
technology that ensures easy maintenance of flow pumps while
enhancing longevity using its novel flow path. The technology is
used in the company's i-FRAME process pumps. These pumps are
custom designed for providing improvised solutions for low flow
services and are especially useful in the chemical process
ITT is a global multi-industry leader in high-technology
engineering and manufacturing sector. It is engaged in the
design, manufacture and sale of a wide-range of engineered
products and services. This patent infringement win reflects the
company's intention to secure its brand identity.
ITT currently carries a Zacks Rank #3 (Hold). Some other
stocks operating in the same sector with favorable Zacks Ranks
Carlisle Companies Inc.
Raven Industries Inc.
). All these stocks carry a Zacks Rank #2 (Buy).
CLARCOR INC (CLC): Free Stock Analysis Report
CARLISLE COS IN (CSL): Free Stock Analysis
ITT CORP (ITT): Free Stock Analysis Report
RAVEN INDS INC (RAVN): Free Stock Analysis
To read this article on Zacks.com click here.