ITT Narrows Portfolio With Sales

ITT Industries Inc., a New York-based manufacturing company, sold its auto body systems unit in Germany, and its magnet production plant in Mexico earlier this month. Terms of the sales were not disclosed. The plants combined employ 2,300 people and had estimated 1997 sales of $268 million. "These sales reflect ITT Industries' continuing process of refining our portfolio of businesses, focusing on areas that create the most value for our shareholders," says Travis Engen, chairman, president and CEO of ITT. ITT's three primary business segments include automotive, defense and electronics, and fluid technology.