White Plains, NY, June 27 2000 -- ITT Industries announced today that it has completed its purchase of C&K Components, Inc., a worldwide leader in the design and manufacture of switches for the telecommunications, computer and electronic equipment markets. With the acquisition of C&K, ITT Industries becomes the largest switch manufacturer in the world. ITT is already the world's largest manufacturer of keypads, and is a leading producer of high-end electromechanical switches, electronic interconnect systems, smartcard connectors, high speed/high-bandwidth network systems and services, and value-added panel and switch assemblies.
C&K will operate within ITT Industries' Cannon connectors and switches business. Cannon is well known for its innovative, customized switch solutions, while C&K is recognized as having the industry's broadest offering of standard switches.
"Our product offering, distribution channels and global reach are significantly enhanced with the completion of this acquisition," said Gerard Gendron, president of ITT Industries, Cannon.
Cannon's switch sales are currently strongest in Europe and Asia Pacific. C&K's sales are primarily in North America, where it enjoys the number one or number two position with three of the top five distributors.
Founded in 1957, C&K employs 1,600 worldwide with manufacturing in Newton, Massachusetts; Kettering, UK; and San Jose, Costa Rica. Known for its exceptional level of customer service and technical support, the company is a market leader in toggle, rocker, pushbutton, switchlock, snap, DIP and membrane switches, and interface/front panel solutions.
ITT was attracted to C&K's, broad product offering, strong brand name, distribution presence and overall prospects for growth.
"I would like to take this opportunity to pledge Cannon's commitment to maintain C&K's excellent reputation for quality, service and innovation," Gendron said. "Cannon and C&K are two of the strongest switch brands in the industry. The combination will truly benefit our customers."
Cannon's existing switch business has been achieving double-digit revenue and income growth over the last five years, with manufacturing in the US, France, Germany and China, and with sales offices in every major country. ITT is a major supplier of tactile pushbutton switches and is the world's leading producer of keypads for high-end remote controls, mobile phones and computers.
Both Cannon and C&K have strong, worldwide manufacturing and engineering capabilities. The combined resources will accelerate new product development, with particular emphasis placed on the requirements of the telecommunications markets. Focus will also be given to the company's rapidly growing interface and front panel solutions business.
ITT Industries, Cannon division is an international supplier of connectors, interconnects, cable assemblies, switches, multi-function grips, panel switch assemblies, I/O card kits, smart card systems and LAN components, as well as a provider of high-speed/high-bandwidth network systems and services.
About ITT Industries
ITT Industries, Inc. (www.ittind.com) is a global engineering and manufacturing company with leading positions in the markets it serves, generating 1999 sales of $4.5 billion. ITT Industries is the world's premier supplier of pumps, systems and services to move and control water and other fluids. The company is also a major supplier of sophisticated military defense systems, and provides advanced technical and operational services to a broad range of government agencies. ITT Industries also produces connectors, switches and cabling used in telecommunications, computing, aerospace and industrial applications, as well as network services. Further, ITT Industries makes industrial components for a number of other markets, including transportation, construction and aerospace. Based in White Plains, N.Y., ITT Industries employs approximately 33,000 people around the world.