IITTITT Inc.

ITT makes industrial pumps, connectors and brake pads — three different markets under one name.

Pumps for chemicals and refining are installed for decades, and spares and service are bought from the same supplier: shutting a unit down costs more than any saving. That part yields steady recurring income and the best margin.

Brake pads follow entirely different logic: mass production for carmakers, where the customer dictates price but volume is large and predictable. Connectors for aerospace and defence go through long qualification and are therefore protected. Risks: the industrial cycle, vehicle production and raw material prices. The point of the combination is that three markets rarely sag at once, and a weak year in carmaking is offset by refining orders. A dividend is paid and raised.