On January 16, 2014, ITT announced an additional investment of approximately US$20 million in Wuxi, Jiangsu Province to increase the production and R&D capabilities of brake-related products. It is reported that in the past two years, ITT's investment in the Wuxi plant has been nearly 30 million US dollars. According to Denise Ramos, chief executive officer and president of ITT, “the capital increase will introduce our advanced production processes and equipment for the European and North American markets, further promoting ITT’s business development in the Chinese market.â€
ITT's global influence, as well as its leading advantages in production and technology, can provide our customers with unique products and services to promote the development and improvement of China's automobile manufacturing industry. This investment in sports technology business is regarded by the ITT decision-makers as an important part of its long-term strategy in China and is also a continuation and expansion of the approximately 10 million capital increase plan announced in early 2012. The ITT sports technology business provides brake friction technology to major commercial and passenger car manufacturers in China and around the world.
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