ITT Shares Up on Patent Suit Settlement - Analyst Blog


Share prices of ITT Corporation ( ITT ) 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 Bay, Wisconsin.

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 frame pumps.

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 industries.                                                    

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 include CLARCOR Inc. ( CLC ), Carlisle Companies Inc. ( CSL ) and Raven Industries Inc. ( RAVN ). All these stocks carry a Zacks Rank #2 (Buy).

CLARCOR INC (CLC): Free Stock Analysis Report

CARLISLE COS IN (CSL): Free Stock Analysis Report

ITT CORP (ITT): Free Stock Analysis Report

RAVEN INDS INC (RAVN): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Business , Stocks

Referenced Stocks: CLC , CSL , ITT , RAVN

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