Leading manufacturing and construction company
) opened a new pump manufacturing facility at South Korea's
central county of Chungcheongbuk-do on Oct 8. This facility,
valued at $34 million will test, produce and package customized
pumps for the company's Gould Pumps brand.
ITT has equipped the factory with world class test facility
for manufacturing all horizontal and vertically engineered
centrifugal pumps. These high energy pumps will be constructed as
per American Petroleum Institute (API) and American National
Standard Institute (ANSI) guidelines. The facility will be
producing pumps for diverse industries like oil and gas, mining,
petro-chemical and power. The factory is constructed using lean
design tools and is almost three times in size compared to the
company's original plant at Cheong-won.
Opening of this facility is expected to boost the company's
Industrial Process business by enabling it to provide highly
engineered solutions for critical problems across various
industries. This factory, while expanding ITT's production
capacity manifold, will also have a key role as the company's
Eastern Hemisphere Energy Center of Excellence, catering to the
demands of countries in Asia Pacific, Europe, Middle East and
Africa. The company expects this manufacturing facility to
supplement its ongoing initiatives for becoming a global leader
in Oil and Gas industry.
ITT Corporation designs, manufactures and sells a range of
engineered products and provides related services
worldwide. It is a multi-industry company that focuses on
three primary business segments - Defense & Information
Solutions, Fluid Technology and the Motion & Flow Control
ITT currently has a Zacks Rank #2 (Buy). Here are some other
companies operating in the same sector that you might consider at
the moment -
AO Smith Corp.
), both having a Zacks Rank #1 (Strong Buy), and
Plug Power Inc.
), which carries a Zacks Rank #2 (Buy).
SMITH (AO) CORP (AOS): Free Stock Analysis
ITT CORP (ITT): Free Stock Analysis Report
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