ITT Completes Acquisition of Matrix Composites

Strategic Acquisition Expands ITT's Portfolio of Aerospace Composites Products and Technologies

WHITE PLAINS, N.Y., – ITT Inc. (NYSE: ITT) announced today that it has acquired Matrix Composites, Inc., a specialty aerospace component manufacturer located on the Florida Space Coast with over two decades of experience specializing in the manufacture of precision composite components for next generation, high growth aircraft and aircraft engine platforms.  

The acquisition aligns with ITT's growth strategy focused on enhancing its product portfolio with innovative, technologically differentiated businesses. Matrix Composites will expand ITT Connect and Control Technologies' core aerospace product and technology capabilities.

"This acquisition expands our ability to serve our aerospace customers with a broader set of capabilities in the composites space," said ITT CEO and President Luca Savi. "We look forward to Matrix joining ITT and to continuing to grow within the aerospace business."  

"We are excited to welcome this fast-growing composites technology company to ITT Connect and Control Technologies," said ITT Connect and Control Technologies President Farrokh Batliwala. "Matrix Composites significantly enhances our composite portfolio and expands our aircraft engine content. We look forward to leveraging our combined strengths to build on Matrix Composites' entrepreneurial spirit and growth-oriented track record."  

Matrix Composites, Inc., which is headquartered in Rockledge, Florida, has 115 employees and an estimated 2019 revenue of approximately $22 million.  

The transaction, valued at $29 million, was funded from the company's cash and is expected to be accretive in the first year. The transaction value includes an earnout and is subject to customary working capital adjustments.  

About ITT

ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the energy, transportation and industrial markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in White Plains, N.Y., with employees in more than 35 countries and sales in approximately 125 countries. The company generated 2018 revenues of $2.75 billion.

Safe Harbor Statement

This release contains "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our business, future financial results and the industry in which we operate, and other legal, regulatory and economic developments. These forward-looking statements include, but are not limited to, future strategic plans and other statements that describe the company's business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance.

We use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "future," "may," "will," "could," "should," "potential," "continue," "guidance" and other similar expressions 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 or implied in, or reasonably inferred from, such forward-looking statements.

Where in any forward-looking statement we express an expectation or belief as to future results or events, such expectation or belief is based on current plans and expectations of our management, expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that the expectation or belief will occur or that anticipated results will be achieved or accomplished.  More information on factors that could cause actual results or events to differ materially from those anticipated is included in the Risk Factors section of the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the Securities and Exchange Commission.

The forward-looking statements included in this release speak only as of the date hereof. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
 

Investors:

Emmanuel Caprais 
+1 (914) 641-2162
Emmanuel.Caprais@itt.com

Media:

Laurent Lawrence
+1 914-304-1809
laurent.lawrence@itt.com