ITT divests legacy asbestos liabilities to Warburg Pincus affiliate; expects ~$27M after-tax loss

ITT INC.

Transferred 100% of InTelCo equity to Delticus (Warburg Pincus portfolio) for $398M cash contribution; no asbestos liabilities retained.
Estimated one-time after-tax loss of ~$27M in Q2 2021, excluded from adjusted EPS; balance sheet removes $818.3M liabilities and $330.8M insurance assets.
Pro forma shows removal of ~$95M in annual asbestos-related costs (2020); $150M commercial paper borrowings at 21 bps partially funded deal.
Indemnification from Buyer for asbestos and product liabilities has no cap or time limit; solvency opinion confirmed InTelCo adequately capitalized post-sale.

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