ITT Corp. and its subsidiary Goulds Pumps Inc. announced a comprehensive patent settlement agreement with Summit Pump Inc. of Green Bay, Wis.
Pursuant to the settlement agreement, Summit Pump and ITT resolved a patent infringement dispute relating to Goulds Pumps’ TaperBore Plus vaned seal chamber patent and i-Frame bearing frame patent.
With the consummation of this settlement agreement, Summit Pump agreed to pay undisclosed compensation to ITT, all patent infringement litigation against Summit Pump will be terminated, and ITT’s Goulds Pumps business will remain the sole supplier of the patented i-Frame.
"We are pleased with this outcome, and our actions demonstrate that we are fully committed to take any and all actions necessary to protect one of ITT’s most valuable assets: our innovations," said Robert J. Pagano Jr., president of ITT’s Industrial Process business and Goulds Pumps Inc.
Source: ITT Corp.
