ITT Corporation (NYSE: ITT) has officially opened its latest pump manufacturing facility, located in the central county of Chungcheongbuk-do in South Korea. The $34 million facility will produce, package and test highly engineered pumps under the Goulds Pumps brand.

The new factory, located in the Oksan Industrial Complex, is three times larger than the original ITT pump manufacturing plant in Cheong-won. It was built using Lean design tools and is equipped with a new state-of-the-art test facility for both vertical and horizontal pumps.

“This official opening is a major milestone for ITT and our Industrial Process business and reflects our ongoing commitment to being a leader in the global oil and gas industry,” said Denise Ramos, ITT’s chief executive officer and president.

The new facility has expanded ITT’s global capability to manufacture, test and package high energy pumps for critical applications in the oil and gas, mining, petro-chemical and power industries. Serving as ITT’s Eastern Hemisphere Energy Center of Excellence, it will enable the company to better serve customers in the Asia Pacific region, Europe, the Middle East and Africa by manufacturing a wide range of horizontal and vertical engineered centrifugal pumps to both API and ANSI industry standards.

“Twenty-three years ago, we built our first chemical process pump in Korea under the Goulds Pumps brand in our Cheong-won factory. We have come a long way since then,” said Robert J. Pagano Jr., President of ITT’s Industrial Process business.

“Under the capable leadership of our General Manager I.K. Kim and our Sales Director Y.H. Kim, this factory will make a wide range of highly engineered pumps for our customers around the world.”

This new facility will play a critical role in enhancing ITT’s continued global growth and the Industrial Process business’ strategic focus on providing engineered solutions of superior quality to solve its customers’ most critical problems.

About ITT

ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the energy, transportation and industrial 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. Founded in 1920, ITT is headquartered in White Plains, N.Y., with employees in more than 35 countries and sales in a total of approximately 125 countries. The company generated 2012 revenues of $2.2 billion. For more information, visit www.itt.com.

ITT’s Goulds Pumps brand is a leading manufacturer of pumps for a wide range of industrial markets — including chemical, mining, oil and gas, power generation, pulp and paper, and general industry. As the only manufacturer to make digital monitoring standard on every process pump, ITT’s Goulds Pumps brand continues to lead the industry in both mechanical pump design and the adoption of smart technologies. For more information, visit www.gouldspumps.com.