The United States-based company ITT Industries Inc, the world's largest provider of pumps and fluid technology systems and services, said in Shanghai yesterday it is close to acquiring a local private waste-water treatment company.

The details will not be announced until November, but the acquisition is regarded as testimony to the company's future strategy in China, involving more acquisitions in the coming years.

Mark Steele, president of the ITT Industries (China) Investment Co Ltd, said: "We have high aspirations for our business in China, especially in the water and waste-water area.

"We hold these expectations because China is the fastest-growing market for us, and we see huge opportunities here."

ITT has so far set up 10 manufacturing facilities around China, involving combined investment of more than US$100 million.

Three of the facilities are engaged in the fluid technology business, involving the production of pump systems and related equipment for water management and waste-water treatment. The rest are in the electronic components business.

Water-related businesses are expected to be a high-growth area for future ITT operations in China.

China's central and regional governments have been stepping up their efforts in recent years in a slew of water-related infrastructure initiatives.

Pumps produced by ITT operations in China have been widely used in projects such as the Three Gorges Dam project, the Xiaolangdi Reservoir project on the Yellow River, and the Suzhou Creek rehabilitation project in Shanghai, the company said. The pumps involve brands such as Flygt, Goulds, Lowara and Sanitaire.

According to Steele, top ITT officials have held initial yet "constructive" discussions with water authorities under the State Council regarding the company's involvement in China's ongoing massive south-to-north water diversion project, which involves total investment of over US$60 billion.

Close

Today's Top News		Top Business News
+Grain prices surge - first time in six years ( 2003-10-22) +Alerts issued on overheated sectors ( 2003-10-22) +Joint naval operation held off east coast ( 2003-10-22) +Recruitment drive nears fruition ( 2003-10-22) +Closer ties boost Sino-Canadian trade ( 2003-10-22)		+Sino-EU trade relations trending up ( 2003-10-23) +US pump firm nears acquisition deal in Shanghai ( 2003-10-23) +Small commodities expo to lure 200,000 businessmen ( 2003-10-23) +IMF official predicts strong growth of Chinese economy ( 2003-10-22) +Door to oil sector opens slightly ( 2003-10-22)