ITT Acquires Additive Manufacturing Technology Capabilities with Investment in CRP

Rhea-AI Summary

ITT Inc. (NYSE: ITT) announced its investment in CRP Technology and CRP USA, acquiring 46% and 33% stakes, respectively. CRP leads in developing high-performance composite materials for 3D printing, catering to aerospace, defense, and automotive industries. This strategic move allows ITT to enhance its material science expertise and tap into the growing additive manufacturing market. The partnership is expected to accelerate CRP's growth and drive innovation in producing sustainable and durable solutions for various applications.

Positive

• ITT's investment in CRP enhances its position in material science.
• Access to CRP's advanced additive manufacturing capabilities.
• Strategic alignment with high-demand markets like aerospace and automotive.

Negative

• None.

• Pioneer in additive manufacturing, CRP invented the Windform family of high-performance materials for complex and customized designs with best-in-class lead times
• Investment complements ITT and serves the space, aerospace, defense, premium automotive, and motorsports markets 
• Enables ITT access to additive manufacturing excellence as the industry and number of applications continue to grow

STAMFORD, Conn.--(BUSINESS WIRE)-- June 14, 2022-- ITT Inc. (NYSE: ITT), a diversified leading manufacturer of highly engineered critical components and customized technology solutions, today announced its investment in CRP Technology and CRP USA (collectively “CRP”). CRP is an industry leader in developing and manufacturing reinforced composite materials for 3D printing for the aerospace, defense, premium automotive, and motorsports industries. The company’s Windform high-performance materials enable engineers to develop complex, customized designs while providing lightweight and exceptionally durable products. With this investment, ITT owns 46% of CRP Technology and 33% of CRP USA.

“CRP is a smart investment for ITT. With almost three decades of leadership and innovation in additive manufacturing, CRP enables ITT to expand its position in material science and gain hands-on experience with additive manufacturing as the industries we serve continue to transform,” said Luca Savi, Chief Executive Officer and President of ITT. “We are proud to partner with CRP as they continue to grow and deliver industry-changing innovations. Together, ITT and CRP can bring to market new products that deliver sustainable, lightweight, durable solutions for our customers.”

CRP has advanced additive manufacturing capabilities through its Windform range of materials, the leading, lightweight, fiber-reinforced composite materials for industrial 3D printing. Initially focused on manufacturing high-performing parts and applications for racing, including Formula One vehicles, CRP now works with engineers in the transportation industries to create complex designs that help reduce mass, weight, and costs, while shortening lead times and enhancing endurance.

“This transaction will allow CRP to accelerate our growth-focused business plan in the markets we serve today and in new global markets,” said Franco Cevolini, Chief Executive Officer of CRP Technology. “We are proud to work with ITT to extend our scope and drive further innovation in the additive manufacturing industry.”

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.

About CRP Technology and CRP USA

Located in the Italian Motor Valley, with manufacturing plants and consultancy offices worldwide, CRP Technology supplies reliable and durable components that magnify manufacturers’ designs and helps companies gain a competitive advantage.

CRP USA, based in Mooresville, North Carolina, in the heart of the southern industrial manufacturing hub, leverages the extensive experience of CRP Technology in North America. The company has a balanced portfolio that maintains a presence in motorsports while being a key supplier of components for spacecraft, entertainment, defense, automotive, and other advanced industrial applications.

To learn more about the companies, visit their web sites: CRP Technology and CRP USA.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220614005288/en/

Media:

Kellie Harris

+1 914-641-2103

kellie.harris@itt.com



Investors:

Mark Macaluso

+1 914-641-2064

mark.macaluso@itt.com

Source: ITT

FAQ

What is ITT's recent investment?

ITT has invested in CRP Technology and CRP USA, acquiring 46% and 33% stakes respectively.

Why did ITT invest in CRP?

The investment allows ITT to enhance its material science capabilities and access additive manufacturing technologies.

How will the investment impact ITT's business?

The investment is expected to accelerate CRP's growth and innovation, benefiting ITT in high-demand sectors.

What are CRP's core markets?

CRP specializes in aerospace, defense, premium automotive, and motorsports sectors.