STAMFORD, Conn.–(BUSINESS WIRE)–June 22, 2023– ITT Inc. (NYSE: ITT) today announced an expansion of its Friction production facility in Termoli, Italy and an upgrade of its research and development capabilities in Barge, Italy to establish a leading position in the high-performance brake pads market for luxury and sporting vehicles. Friction, a part of ITT’s Motion Technologies segment, is a leading global brake pad supplier for the automotive market.
The initial €50 million investment increases the Termoli plant’s covered surface by 75% and includes fast prototyping, expanded testing machinery and an automated production module designed to handle the demanding specifications of high-performance brake pads. Moreover, as part of the investment, ITT will install solar panels that will provide approximately 20% of the Termoli site’s electricity needs, reinforcing the company’s commitment to reducing its carbon footprint.
High-performance brake pads will present a total addressable market of nearly 11 million brake pads annually by 2026. Original equipment customers in the segment have a strong focus on service and require highly engineered brake pads that perform flawlessly in extreme conditions. The new product line is positioned to capitalize on Friction’s long-standing relationships with premium auto original equipment manufacturers and its leading position in material science.
“The high-performance segment is an underserved yet attractive piece of the brake pad market. Our decision to expand Friction’s position in this niche is driven by customers who require high-quality, high-performance and reliable brake pads that exceed the needs of conventional vehicles. Friction’s existing testing and research and development capabilities, together with this investment in Termoli and Barge, will strengthen our competitive advantages and provide a significant growth platform,” ITT’s CEO and President Luca Savi said.
Construction at the Termoli plant began in June 2023 and is expected to be completed by mid-2024, with production on new brake pad lines beginning in the fourth quarter of 2024. The total investment can grow to ~€70 million based on additional brake pad platform awards.
About ITT
ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in Stamford, Connecticut, with employees in more than 35 countries and sales in approximately 125 countries. For more information, visit www.itt.com.
Contacts
Media:
Phil Terrigno
+1 914-641-2143
phil.terrigno@itt.com
Investors:
Mark Macaluso
+1 914-641-2064
mark.macaluso@itt.com
