ITT Industries Becomes ITT Corporation
June 30 2006 - 1:12PM
PR Newswire (US)
WHITE PLAINS, N.Y., June 30 /PRNewswire-FirstCall/ -- The $8
billion global multi-industry engineering and manufacturing company
known as ITT Industries, Inc. (NYSE:ITT) will officially change its
name to ITT Corporation tomorrow, July 1, 2006. The name change was
overwhelmingly approved by shareholders at the company's May 9th
annual meeting. This change comes during ITT's tenth anniversary as
an independent company and bolsters the company's global branding
initiative emphasizing a single organizational identity centered on
the ITT name and the accompanying theme line, "Engineered for
Life." The company's stock ticker symbol will remain "ITT," which
it has used since September of 2000. ITT operates on every
continent, providing state-of-the-art products, services and
solutions in defense electronics, water and wastewater technology,
electronic components and motion and flow control. "In the global
marketplace, we find that our customers are becoming more
interested in companies that offer total solutions, rather than
those that simply supply components," says Steve Loranger,
Chairman, President and Chief Executive Officer of ITT Corporation.
"A stronger ITT organizational brand better reflects our ability to
offer these complete solutions which draw upon the strengths we
have across all of our business units. We also think a unified ITT
global brand plays an important role in helping us compete in
recruiting and retaining the best talent around the world."
"Research among key ITT stakeholders indicated that the name 'ITT
Corporation' best reflected the company's diverse range of
businesses and the markets it now serves," said Tom Martin, Senior
Vice President of Corporate Relations, the department that has led
the branding initiative. "The ITT name has an 80-year history and
extremely high recognition. This branding initiative will further
enhance the strength of ITT as a unified global organization to our
employees, customers and investors." ITT Industries began trading
as an independent company in December 1995 following the separation
of the old ITT Corporation into three distinct companies. In
addition to ITT Industries, one of the three companies focused on
the hotel and hospitality business and was acquired by Starwood
Hotels and Resorts in 1998; the third, an insurance business,
subsequently became The Hartford Financial Services Group. In the
decade since becoming independent, ITT has consistently created
value for its customers, employees and shareholders through a
diversified portfolio of highly-engineered products and supporting
services in a number of key global markets. ITT has delivered total
shareholder return, including dividends, of more than 380 percent,
with an annual return that has averaged 17 percent in the ten-year
period since December 1995. More recently, ITT has delivered 16
consecutive quarters of revenue growth, including two consecutive
years of double digit organic growth. Second Quarter results for
the current fiscal year will be reported in late July. About ITT
Corporation ITT Corporation (http://www.itt.com/) supplies advanced
technology products and services in several growth markets. ITT is
a global leader in the transport, treatment and control of water,
wastewater and other fluids. The company plays a vital role in
international security through its defense communications and
electronics products; space surveillance and intelligence systems;
and advanced engineering and related services. It also serves the
growing leisure marine and electronic components market with a wide
range of products. Headquartered in White Plains, NY, the company
generated $7.4 billion in 2005 sales. In addition to the New York
Stock Exchange (NYSE Arca), ITT Corporation stock is traded on the
Paris, London and Frankfurt exchanges. For free B-roll/video
content and logo about ITT Corporation, please log onto
http://www.thenewsmarket.com/ITT to preview and request video. You
can receive broadcast-standard video quality digitally or by tape
from this site. Registration and video are free to the media.
DATASOURCE: ITT Industries, Inc. CONTACT: Tom Martin,
+1-914-641-2157, Web site: http://www.itt.com/
http://www.thenewsmarket.com/ITT
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