ITT INC. (ITT)

ITT Inc. is a diversified manufacturer of highly engineered critical components and customized technology solutions primarily for the transportation, industrial and energy markets, with about $3.3 billion of 2023 sales across approximately 125 countries, roughly 10,600 employees in 37 countries, and 67% of revenue generated outside the U.S. It operates through three segments. Motion Technologies (MT) makes brake pads, shims, shock absorbers, energy absorption components and sealing technologies for passenger cars, trucks, commercial and military vehicles, buses and trains, through the ITT Friction Technologies, Wolverine Advanced Materials, KONI and Axtone business units. Friction sells OE and aftermarket brake pads, including copper-free formulations for electric vehicles, to automakers, Tier-1 brake manufacturers and aftermarket channels.

Wolverine supplies brake shims and gaskets, and KONI and Axtone serve rail, car and racing, bus, truck and trailer, and defense markets. Continental, MT's largest customer, represented 16% of MT's 2023 revenue. Industrial Process (IP) is an OEM and aftermarket parts and service provider of industrial pumps, valves, plant optimization and remote monitoring systems, sold under brands such as Goulds Pumps, Bornemann, Rheinhütte Pumpen, Engineered Valves, PRO Services, i-ALERT and Habonim.

Its products include centrifugal and twin screw pumps and knife-gate, ball and diaphragm valves, along with actuators and sensing technology. IP serves energy, chemical and petrochemical, pharmaceutical, biopharmaceutical, mining, power generation, pulp and paper, food and beverage, and general industrial customers, including EPC firms, distributors and end-users. Aftermarket solutions were about 45% of IP's 2023 revenue, and independent distributors account for about one-third of its revenue.

Connect & Control Technologies (CCT) designs and manufactures harsh-environment connectors and critical energy absorption and flow control components for aerospace and defense, industrial, transportation (including EVs), medical and energy applications, often on long-lived platforms that generate recurring aftermarket opportunities, under brands including Cannon, VEAM, BIW Connector Systems, Enidine, Conoflow and Aerospace Controls. ITT's operating model centers on engineering capabilities and customer intimacy, with strategic priorities of customer centricity, operational excellence, effective capital deployment, and sustainability and innovation, including close-to-core acquisitions and a strong presence in emerging markets such as China, India, Mexico, Brazil and Saudi Arabia.