FX.co ★ ITT To Invest Approx. $11 Mln To Enhance Pump Testing Capabilities In Germany, India, Saudi Arabia

On Thursday, ITT Inc. revealed their decision to invest approximately $11 million towards enlarging pump testing capabilities at its Industrial Process sites situated in Obernkirchen, Germany; Vadodara, India; and Dammam, Saudi Arabia.

The manufacturing giant stated that this strategic investment is anticipated to bolster the power capacity of pump, motor, and control systems testing across these sites. Moreover, it allows ITT to conduct pump testing at the local branch level.

The company anticipates these investments to be finalized by the third quarter of 2024. It is expected to not only heighten customer experience but also to increase the capacity for securing large project awards.

Currently, the trading price for ITT's stock stands at $131.15 on the New York Stock Exchange, marking a 1.14 percent increase.