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Published in Stocks and Investing on Wednesday, June 30th 2010 at 6:26 GMT by Market Wire
SINGAPORE--([ BUSINESS WIRE ])--ITT Corporation (NYSE: ITT), a world leader in the transport and treatment of water and wastewater, and the PUB, Singaporea™s national water agency, today announced plans to establish a joint research and technology testing program to further develop energy-efficient water and wastewater treatment solutions.
"This is an important partnership for ITT. This agreement sets the framework to explore scientific and technological collaboration in areas that are critical for the sustainable growth of Singapore, and growing regions around the world."
Under the Memorandum of Understanding (MOU) signed today during Singapore International Water Week 2010, ITT and PUB will conduct applied research, share knowledge and build joint capabilities that leverage one anothera™s resources. The two organizations believe these joint water handling and treatment capabilities will be key drivers for the development of new technologies and engineering solutions essential for the growth of Singapore and the global water industry.
ITT and PUB will collaborate in the areas of energy-efficient pumping and secondary treatment, sludge handling, and advanced oxidation process (AOP) development. In addition to driving joint research projects, ITT will explore the use of Singapore as a base for test-bedding of the companya™s Flygt N pumps, Sanitaire aeration and WEDECO ultraviolet and ozone treatment systems.
The MOU was signed during a ceremony attended by Gretchen McClain, president of ITTa™s Fluid and Motion Control group, and PUB Chief Executive Khoo Teng Chye.
aWe share Singaporea™s desire to lead in the areas of energy efficiency and water reuse and believe this collaboration will lead to significant advances in our common areas of interest,a said ITTa™s Gretchen McClain. aThis is an important partnership for ITT. This agreement sets the framework to explore scientific and technological collaboration in areas that are critical for the sustainable growth of Singapore, and growing regions around the world.a
aAs part of the governmenta™s drive to grow Singapore into a hub for water technologies, we actively seek research and development (R&D) investments and encouraging companies to make Singapore a global test-bed for new and emerging technologies. The collaboration with ITT will further boost Singaporea™s global hydrohub aspirations and create a more vibrant R&D landscape here,a said Mr. Khoo Teng Chye, PUB chief executive and executive director of the Environment and Water Industry Programme Office, which oversees the growth of the water industry in Singapore.
With more than 80 Singapore-based employees, expanding ITTa™s research capability in Singapore is a logical extension of the companya™s decades-long commitment to growth in Southeast Asia. The two organizations will form a joint committee to oversee and manage staffing, research, testing and administration of the MOU.
About PUB Singapore
PUB is a statutory board under the Ministry of the Environment and Water Resources. It is the national water agency, managing Singaporea™s water supply, water catchment and used water in an integrated way. PUB won the 2007 Stockholm Industry Water Award and was named Water Agency of the Year at the Global Water Awards 2006.
About ITT's Water & Wastewater Business
ITT's Water & Wastewater business is a global provider of water handling and treatment solutions for municipal and industrial customers in more than 140 countries. ITT designs and delivers energy-efficient solutions and related services for water and wastewater transport, biological treatment, filtration and disinfection. The Water and Wastewater group includes the Flygt, Wedeco, Sanitaire and Leopold product brands and is based in Stockholm, Sweden. [ www.ittwww.com ]
About ITT Corporation
ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company generated 2009 revenue of $10.9 billion. [ www.itt.com ]
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