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ITT INDUSTRIES ACQUIRES Xbion ELECTRONIC SYSTEMS

14 Aug 02. ITT Industries, Inc. (NYSE: ITT – News) said today that it has acquired the business and assets of Xybion Electronic Systems (XES), a leader in the design, development, and manufacture of intensified imaging systems, digital and complimentary metal-oxide semiconductor (CMOS) cameras. Terms and conditions of the transaction were not disclosed.

“We expect future military and commercial imaging requirements to place greater emphasis on sophisticated digital cameras and multispectral imaging technology — both areas in which Xybion has distinguished itself,” said Gary Aicher, President & General Manager, ITT Industries Night Vision. “The products and expertise that Xybion brings to our organization will further strengthen our ability to supply the critical digital imaging requirements of the armed forces. Xybion’s products will also extend our reach to meet the image intensification needs of the medical and scientific communities.”

ITT Industries is the world’s leading producer and supplier of Generation 3 image intensification devices to U.S. and allied military forces. In May 2002, ITT won a landmark contract worth $450m to supply the U.S. armed forces with the latest generation of night vision equipment. ITT also supplies night vision equipment to law enforcement, federal agencies and select commercial markets.

Xybion Electronic Systems, based in San Diego, CA, has been a subsidiary of Xybion Corporation, based in Cedar Knolls, NJ, since 1980. The newly acquired XES division will be a wholly-owned subsidiary of ITT Industries Inc. and will be organized within the ITT Industries Night Vision Division in Roanoke, VA. Operations and personnel will remain in San Diego. The newly acquired business expects to generate revenues of approximately $1 million for ITT in 2002.

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