ITT Corp. (ITT:US) opened a specialized plant to expand production in South Korea of high-energy pumps for oil and gas industry applications.
The new $34 million factory will manufacture and test Goulds Pumps brands in Chungcheongbuk-do, ITT said today in a statement. The maker of high-energy pumps for mining, petrochemical, gas, oil and power spun out its water company two years ago. Xylem Inc., like ITT, is based in White Plains, New York, making products including submersible drainage pumps.
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