ITT Corporation to Acquire International Motion Control

    Acquisition to enhance ITT's global motion and flow control capabilities

    WHITE PLAINS, N.Y., June 26 /PRNewswire-FirstCall/ -- ITT Corporation today
announced it has executed an agreement to acquire privately held International
Motion Control (IMC) for $395 million. IMC is a global developer of motion
control products with 2006 revenues of approximately $200 million. The
transaction, which is subject to normal closing conditions, is expected to be
completed in the third quarter.

    "The IMC acquisition aligns exceedingly well with our strategy to grow the
ITT Motion and Flow Control business globally. IMC adds a complementary mix of
highly engineered, mission-critical products to expand our core capabilities in
specialty energy absorption and motion control applications," said Steve
Loranger, chairman, president and chief executive officer of ITT. "We look
forward to welcoming IMC's talented workforce and strong customer base to the
ITT family."

    IMC is a market leader in the manufacture of specialty energy absorption,
industrial and aviation control and automation technology under the brand names
of Burny, Enidine, Compact Automation, CMC, and Midland-ACS, among others. Under
brand names including Koni, Jabsco, Neodyne, Rule and Flojet, ITT's Motion and
Flow Control group produces leading products for the marine and leisure,
transportation, aerospace, telecommunications, and industrial markets. Nick
Hill, president of the ITT Motion and Flow Control group, will continue to lead
the integrated organization.

    "For more than four decades, our customers have known IMC for its
technological expertise, problem-solving approach and exemplary customer
service," said Patrick Lee, chairman and chief executive officer of IMC. "We
found ITT to share these core characteristics and together expect to continue
this tradition as we enter this exciting new chapter in our history."

    Headquartered in Buffalo, N.Y., IMC employs 1,000 people in 11 manufacturing
facilities -- three in the Asia Pacific region, six in the United States and two
in Europe. Nearly half of IMC's revenues come from outside the United States.

    While the impact of this transaction is projected to be slightly dilutive to
ITT's earnings per share in 2007, the company continues to expect 2007 EPS to be
in the range of $3.44 to $3.50. The transaction is expected to be accretive to
earnings in 2008.

    ITT's senior management will host a conference call for investors today,
Tuesday, June 26, at 9:00 a.m. Eastern Daylight Time to review the IMC
acquisition and answer questions. The briefing can be monitored live via webcast
at the following address on the company's Web site: http://www.itt.com/ir.

    About ITT Corporation
    ITT Corporation (www.itt.com) supplies advanced technology products and
services in several growth markets. ITT is a global leader in the transport,
treatment and control of water, wastewater and other fluids. The company plays a
vital role in international security through its defense communications and
electronics products; space surveillance and intelligence systems; and advanced
engineering and related services. It also serves the growing leisure marine and
electrical connectors markets with a wide range of products. Headquartered in
White Plains, N.Y., the company generated $7.8 billion in 2006 sales. In
addition to the New York Stock Exchange, ITT Corporation stock is traded on the
Euronext and Frankfurt exchanges.



    "Safe Harbor Statement" under the Private Securities Litigation Reform Act
    of 1995 ("the Act"): Certain material presented herein includes
    forward-looking statements intended to qualify for the safe harbor
from liability established by the Act. These forward-looking statements include
statements that describe the Company's business strategy, outlook, objectives,
plans, intentions or goals, and any discussion of future operating or financial
performance. Whenever used, words such as "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," "target" and other terms of similar
meaning are intended to identify such forward-looking statements.
Forward-looking statements are uncertain and to some extent unpredictable, and
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. Factors that could cause results
to differ materially from those anticipated by the Company include general
global economic conditions, decline in consumer spending, interest and foreign
currency exchange rate fluctuations, availability of commodities, supplies and
raw materials, competition, acquisitions or divestitures, changes in government
defense budgets, employment and pension matters, contingencies related to actual
or alleged environmental contamination, claims and concerns, intellectual
property matters, personal injury claims, governmental investigations, tax
obligations, and changes in generally accepted accounting principles. Other
factors are more thoroughly set forth in Item 1. Business, Item 1A. Risk
Factors, and Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations - Forward-Looking Statements in the ITT Corp. Annual
Report on Form 10-K for the fiscal year ended December 31, 2006, and other of
its filings with the Securities and Exchange Commission. The Company undertakes
no obligation to update any forward-looking statements, whether as a result of
new information, future events or otherwise.

SOURCE  ITT Corporation
    -0-                             06/26/2007
    /CONTACT:  Andy Hilton of ITT Corporation, +1-914-641-2160,
               andy.hilton@itt.com /
    /FCMN Contact: andy.hilton@itt.com /
    /Web site:  http://www.itt.com
                http://www.itt.com/ir /
    (ITT)

CO:  ITT Corporation; International Motion Control; IMC
ST:  New York
IN:  CPR ECP
SU:  TNM CCA ERP