ITT Corporation has completed the previously announced spin-offs of its Defense and Information Solutions business and its Water Technology and Services business.
With the spin-offs complete, ITT is now a $2billion company with four businesses that deliver highly engineered and customised products and services to the industrial, aerospace, transportation, and oil and gas industries.
Denise Ramos, chief executive officer and president, states: "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."
As a standalone company, ITT says it is now 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 a focus on capital deployment that fuels growth both organically and through targeted acquisitions.
Ramos adds: "Our company is also nicely capitalised to create significant value for shareowners, with an outstanding operating track record and dedicated people who are committed to delivering premier service, quality and innovation to our world-class customer base."