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Leading manufacturing and construction company ITT Corporation (ITT - Analyst Report) opened a new pump manufacturing facility at South Korea’s central county of Chungcheongbuk-do on Oct 8. This facility, valued at $34 million will test, produce and package customized pumps for the company’s Gould Pumps brand.

ITT has equipped the factory with world class test facility for manufacturing all horizontal and vertically engineered centrifugal pumps. These high energy pumps will be constructed as per American Petroleum Institute (API) and American National Standard Institute (ANSI) guidelines. The facility will be producing pumps for diverse industries like oil and gas, mining, petro-chemical and power. The factory is constructed using lean design tools and is almost three times in size compared to the company’s original plant at Cheong-won.

Opening of this facility is expected to boost the company’s Industrial Process business by enabling it to provide highly engineered solutions for critical problems across various industries. This factory, while expanding ITT’s production capacity manifold, will also have a key role as the company's Eastern Hemisphere Energy Center of Excellence, catering to the demands of countries in Asia Pacific, Europe, Middle East and Africa. The company expects this manufacturing facility to supplement its ongoing initiatives for becoming a global leader in Oil and Gas industry.

ITT Corporation designs, manufactures and sells a range of engineered products and provides related services worldwide.  It is a multi-industry company that focuses on three primary business segments - Defense & Information Solutions, Fluid Technology and the Motion & Flow Control segment. 

ITT currently has a Zacks Rank #2 (Buy). Here are some other companies operating in the same sector that you might consider at the moment - AO Smith Corp. (AOS - Snapshot Report) and Rexnord Corp. (RXN - Analyst Report), both having a Zacks Rank #1 (Strong Buy), and Plug Power Inc. (PLUG - Snapshot Report), which carries a Zacks Rank #2 (Buy).

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