Summary of ITT's Acquisition of SPX FLOW Conference Call Company and Industry - **Company**: ITT Inc. (NYSE: ITT) - **Acquisition Target**: SPX FLOW - **Industry**: Industrial Process and Flow Technologies Core Points and Arguments 1. **Strategic Acquisition**: ITT announced the acquisition of SPX FLOW as a strategic milestone that aligns with its 2030 vision, focusing on high-growth and high-margin businesses [3][19] 2. **Financial Metrics**: The acquisition is valued at $4.775 billion, equating to 14.2 times SPX's forecasted 2026 EBITDA, or 11.5 times including expected cost synergies [6][19] 3. **Market Expansion**: SPX FLOW adds significant market opportunities, expanding ITT's total addressable market to over $60 billion across four verticals, enhancing its leadership in existing markets like chemical, energy, and mining [5][19] 4. **Aftermarket Revenue**: SPX FLOW generates approximately 43% of its revenue from aftermarket sales, which will double ITT's industrial process aftermarket sales to about $1.2 billion [5][12] 5. **Cost Synergies**: ITT expects to achieve $80 million in annual run-rate synergies by the end of year three, primarily from G&A consolidation and procurement efficiencies [13][19] 6. **Cultural Fit**: The acquisition is noted for its strong cultural alignment between ITT and SPX FLOW, which is expected to facilitate integration and operational efficiency [15][19] Additional Important Insights 1. **Growth Trajectory**: SPX FLOW has experienced low to mid-single-digit organic growth from 2022 to 2025, with aftermarket growth in the high single digits [28][46] 2. **Operational Improvements**: Under Lone Star Funds' ownership, SPX FLOW has streamlined operations, leading to improved profitability and a focus on core business areas [23][80] 3. **Production Footprint**: SPX FLOW operates around 15 production sites, with opportunities for optimization and expansion in low-cost regions like Poland and China [38][40] 4. **Management Transition**: The existing SPX FLOW leadership team will remain involved during the transition, ensuring continuity in operations [96] 5. **Future M&A Strategy**: ITT plans to focus on executing the current acquisition and achieving synergies before pursuing additional large-scale M&A opportunities [87] This summary encapsulates the key points discussed during the conference call regarding ITT's acquisition of SPX FLOW, highlighting the strategic, financial, and operational implications of the deal.

Group 1 - The State Intellectual Property Office of China has granted a patent to China Petroleum & Chemical Corporation and Sinopec (Shanghai) Petroleum and Chemical Research Institute for a device and method related to "mixer, online ammonia device for polyacrylonitrile spinning solution, and ammonia method" with the announcement number CN118988086B, applied for on May 2023 [1] - China Petroleum & Chemical Corporation, established in 2000 and based in Beijing, primarily engages in oil and gas extraction, with a registered capital of 12,173,968.9893 million RMB [1] - The company has invested in 268 enterprises, participated in 5,000 bidding projects, holds 45 trademark registrations, 5,000 patent records, and possesses 41 administrative licenses [1] Group 2 - Sinopec (Shanghai) Petroleum and Chemical Research Institute, established in 2022 and located in Shanghai, focuses on research and experimental development, with a registered capital of 49,800 million RMB [1] - The institute has invested in 2 enterprises, participated in 2,219 bidding projects, holds 807 patent records, and has 133 administrative licenses [1]