Spinoffs complete, ITT focuses on 4 markets
- By David Hubler
- Oct 31, 2011
ITT Corp. has completed the spinoffs of its defense and information solutions business and its water technology and services business, according to an Oct. 31 company announcement.
With the spinoffs complete, ITT is now a $2 billion company with four businesses that deliver highly engineered and customized products and services to the industrial, aerospace, transportation, and oil and gas industries.
As a standalone company, ITT is better positioned to focus on the key drivers that are specific to its businesses and that will accelerate growth, including a strong global footprint and profitable aftermarket business; commitment to innovation, customer service and operational excellence; and focus on capital deployment that fuels growth both organically and through targeted acquisitions, the statement said.
“ITT’s businesses are focused on providing reliable and durable technologies for customers across balanced end markets and geographies, and our global portfolio is highly aligned with the global macro trends that will drive premier growth,” said Denise Ramos, chief executive officer and president, in the announcement.
The company also announced a 1:2 reverse stock split that will become effective after market-close today in which every two common shares of ITT will be converted into one common share of ITT.
As a result, ITT will have approximately 92.5 million common shares outstanding after the reverse stock split.
The White Plains, N.Y., corporation’s ITT Defense and Information Solutions business unit became ITT Exelis, the company announced earlier this month, with ITT Defense and Information Solutions President Dave Melcher serving as CEO of the new company.
ITT Exelis begins public trading Tuesday, Nov. 1.
ITT Corp., of White Plains, N.Y., ranks No. 16 on Washington Technology’s 2011 Top 100 list of the largest federal government contractors.
David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.