We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
ITT Boosts Brake Pad Offerings Via Investment in Italy Plant
Read MoreHide Full Article
ITT Inc. (ITT - Free Report) is making an initial investment of €50 million ($54.49 million) to expand a Friction manufacturing facility in Termoli, Italy, and enhance the research and development competence in Barge, Italy. With this investment, the company aims to boost its position in the brake pad market for luxury and sporting vehicles.
Friction is a unit of ITT’s Motion Technologies segment. The segment specializes in manufacturing highly engineered and durable components, such as brake pads, shock absorbers and damping technologies for the transportation industry.
ITT started building the Termoli facility this month. The investment expands the plant’s covered surface by 75%. The plant’s features like fast prototyping, amplified testing machinery and automated production module will handle the challenging specifications of the high-performance brake pads. Also, the company-installed solar panels will cater to 20% of the plant’s electricity demand, bolstering ITT’s carbon reduction goals.
ITT expects that the high-performance brake pads market to grow to approximately 11 million by 2026. Friction’s leading position in material science and its long-established relationships with premium auto original equipment producers are likely to benefit the company’s high-performance brake pad product line.
ITT aims to serve customers who are in need of high-quality, high-performance and reliable brake pads by expanding its capacity in the high-performance brake pad market. The recent investment in Termoli and Barge as well as Friction’s testing and research and development proficiency is likely to boost ITT’s competitive edge.
The Termoli facility is likely to become operational by mid-2024 and the production of the new brake pad lines will commence in the fourth quarter of 2024.
Zacks Rank & Stocks to Consider
ITT currently carries Zacks Rank #3 (Hold). Some better-ranked stocks are discussed below:
GFF delivered a trailing four-quarter earnings surprise of 12.5%, on average. In the past 60 days, Griffon’s earnings estimates have increased 2.4% for fiscal 2023. The stock has gained 4.6% in the year-to-date period.
Ingersoll Rand Inc. (IR - Free Report) presently sports a Zacks Rank of 1. IR delivered a trailing four-quarter earnings surprise of 12.6%, on average.
In the past 60 days, estimates for Ingersoll Rand’s 2023 earnings have increased 6.7%. The stock has risen 21.2% in the year-to-date period.
Alamo Group Inc. (ALG - Free Report) currently sports a Zacks Rank of 1. ALG delivered a trailing four-quarter earnings surprise of 17.7%, on average.
In the past 60 days, estimates for Alamo’s 2023 earnings have increased 12.7%. The stock has gained 28.1% in the year-to-date period.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
ITT Boosts Brake Pad Offerings Via Investment in Italy Plant
ITT Inc. (ITT - Free Report) is making an initial investment of €50 million ($54.49 million) to expand a Friction manufacturing facility in Termoli, Italy, and enhance the research and development competence in Barge, Italy. With this investment, the company aims to boost its position in the brake pad market for luxury and sporting vehicles.
Friction is a unit of ITT’s Motion Technologies segment. The segment specializes in manufacturing highly engineered and durable components, such as brake pads, shock absorbers and damping technologies for the transportation industry.
ITT started building the Termoli facility this month. The investment expands the plant’s covered surface by 75%. The plant’s features like fast prototyping, amplified testing machinery and automated production module will handle the challenging specifications of the high-performance brake pads. Also, the company-installed solar panels will cater to 20% of the plant’s electricity demand, bolstering ITT’s carbon reduction goals.
ITT expects that the high-performance brake pads market to grow to approximately 11 million by 2026. Friction’s leading position in material science and its long-established relationships with premium auto original equipment producers are likely to benefit the company’s high-performance brake pad product line.
ITT aims to serve customers who are in need of high-quality, high-performance and reliable brake pads by expanding its capacity in the high-performance brake pad market. The recent investment in Termoli and Barge as well as Friction’s testing and research and development proficiency is likely to boost ITT’s competitive edge.
ITT Inc. Price
ITT Inc. price | ITT Inc. Quote
The Termoli facility is likely to become operational by mid-2024 and the production of the new brake pad lines will commence in the fourth quarter of 2024.
Zacks Rank & Stocks to Consider
ITT currently carries Zacks Rank #3 (Hold). Some better-ranked stocks are discussed below:
Griffon Corporation (GFF - Free Report) sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks.
GFF delivered a trailing four-quarter earnings surprise of 12.5%, on average. In the past 60 days, Griffon’s earnings estimates have increased 2.4% for fiscal 2023. The stock has gained 4.6% in the year-to-date period.
Ingersoll Rand Inc. (IR - Free Report) presently sports a Zacks Rank of 1. IR delivered a trailing four-quarter earnings surprise of 12.6%, on average.
In the past 60 days, estimates for Ingersoll Rand’s 2023 earnings have increased 6.7%. The stock has risen 21.2% in the year-to-date period.
Alamo Group Inc. (ALG - Free Report) currently sports a Zacks Rank of 1. ALG delivered a trailing four-quarter earnings surprise of 17.7%, on average.
In the past 60 days, estimates for Alamo’s 2023 earnings have increased 12.7%. The stock has gained 28.1% in the year-to-date period.