Posted by John Keller
WHITE PLAINS, N.Y., 12 Jan. 2010. Executives of ITT Corp. in White Plains, N.Y., are consolidating seven of their company's defense business segments into three new operating units to increase operating efficiencies and make the most of the company's cost structure.
The company's defense segment will be renamed ITT Defense and Information Solutions, and its existing seven separate business segments will consolidate into three large units.
First, the ITT Electronic Systems and Communications Systems divisions, as well as a portion of the Intelligence & Information Warfare division, will merge into the ITT Electronic Systems division based in Clifton, N.J. This division will concentrate on electronic warfare and information warfare, as well as on secure networked communications and sensor systems.
Second, the ITT The Space Systems and Night Vision divisions will merge into ITT Geospatial Systems based in Rochester, N.Y. This segment will focus on space-based and airborne networked sensors, image processing, and image distribution.
Finally, the ITT Advanced Engineering & Sciences and Systems divisions will combine with part of the Intelligence & Information Warfare division to form the ITT Information Systems division, based in Herndon, Va. This division will focus on networked decision support, information integration, next-generation air traffic management, intelligence networks, and cyber security.
"We are positioning ITT to support our customers' emerging technology needs, while also greatly enhancing our ability to stake out markets," says Steve Loranger, ITT's chairman, president, and chief executive officer. "We believe this move will also allow ITT to achieve greater operating efficiencies and optimize our cost structure, which will help drive business strategies for continued top-line growth."
The reorganization of ITT's defense segment does not influence the company's previously announced forecast for full-year 2010 earnings per share in the range of $3.85 to $4.05 per share, company officials say.
For more information contact ITT online at www.itt.com.
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