ITT Koni America, LLC Locates New Manufacturing Facility in Searcy
Friday May 5, 2006
Searcy, AR - ITT Industries, Inc. (NYSE: ITT) announced that it will open a new brake pad production facility in
Searcy, Arkansas . The new plant will produce brake pads for the automotive industry in
North America . The products will be marketed under the Koni® brand name. Company state and local officials were on hand for the announcement.
The plant, a state-of-the-art 136,000 square foot facility, will initially employ 30 people and increase to 80 within the next 24 months. The company, which will be housed in the former ITT Industries plant, will invest $10 million for machinery and equipment in 2005 and an additional $24.2 million over the next five years.
"This is great news for families all over
White
County ," said Gov. Mike Huckabee. "We welcome ITT Koni to
Arkansas ' growing list of quality automotive suppliers. We continue to build an automotive corridor in our state. This just adds to the momentum."
Bjorn von Euler, director of corporate relations, said that the cooperation and enthusiasm of local and state leaders was a significant factor in the location decision.
“They took the time to learn about our business, understand our needs and then put together an excellent economic development package.”
“The location of ITT Koni in Searcy was a community-wide effort made possible by the Searcy City Council, Searcy Industrial Development Corporation, Searcy Chamber of Commerce, White County Quorum Court, Entergy of Arkansas and the Arkansas Department of Economic Development,” said Buck Layne, president of the Searcy Chamber of Commerce.
“The city of Searcy is pleased with ITT Koni ’s decision to locate in our community,” said Searcy Mayor Belinda LaForce. “This expansion project reflects a true partnership between ITT Koni and this community.”
The announcement was held at the Searcy Chamber of Commerce with members of the board of directors of the Searcy Chamber of Commerce, Searcy Industrial Development Corporation, “100 For the Future,” Searcy City Council, White County Quorum Court, Arkansas Department of Economic Development, Entergy and other community dignitaries.
ITT Industries will market its friction products under the Koni brand name in
North America . The company has its base in Europe with approximately 1,000 employees of which close to 100 are employed in Research and Development and Marketing. ITT Koni currently has 12 employees in
Michigan .
About ITT Industries
ITT Industries, Inc. (www.itt.com) supplies advanced technology products and services in key markets including: fluid and water management including water treatment; defense communication, opto-electronics, information technology and services; electronic interconnects and switches; and other specialty products. Headquartered in
White Plains, NY , the company generated $6.8 billion in 2004 sales. In addition to the New York Stock Exchange, ITT Industries stock is traded on the Midwest, Pacific, Paris, London and
Frankfurt exchanges.