ITT Completes Acquisition of EDO Corporation, Broadens High-Technology Aerospace and Defense Portfolio
December 20 2007 - 1:43PM
PR Newswire (US)
WHITE PLAINS, N.Y., Dec. 20 /PRNewswire-FirstCall/ -- ITT
Corporation (NYSE:ITT) today announced it has completed the
acquisition of EDO Corporation, a global aerospace and defense
company, for $56.00 per share plus the assumption of debt, which
values the transaction at approximately $1.7 billion. The agreement
to purchase EDO was announced on Sept. 17 and approved by EDO
shareholders at a special meeting held Tuesday, Dec. 18. "We
believe EDO is an excellent strategic fit for our company and
enhances our ability to meet the dynamic needs of our customers.
EDO has talented people, proven technologies and strong customer
relationships which offer wonderful complements to our business,"
said Steve Loranger, chairman, president and chief executive
officer, ITT. "We're pleased the transaction closed smoothly and
ahead of schedule, allowing us to turn our attention to integrating
these two great businesses and unlocking the tremendous value
anticipated from this combination." EDO employs approximately 4,000
people and is a leader in the design and development of advanced
systems at the center of the military's transformation to more
secure and smarter defense capabilities. EDO has grown revenues at
a compound annual growth rate of almost 16 percent over the last
three years, and is anticipated to grow at approximately 60 percent
in 2007 to its current- year forecast of approximately $1.15
billion. EDO will be fully integrated with ITT's defense business.
The acquisition is ITT's largest since becoming an independent
company in 1995. 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 water
and fluid transport, treatment and control technology. The company
plays a vital role in international security with communications
and electronics products; space surveillance and intelligence
systems; and advanced engineering and services. It also serves a
number of growing markets-including marine, transportation and
aerospace-with a wide range of motion and flow control
technologies. Headquartered in White Plains, N.Y., the company
employs approximately 40,000 people and generated $7.8 billion in
2006 sales. Safe Harbor Statement Certain material presented herein
includes forward-looking statements intended to qualify for the
safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995 ("the Act"). These forward- looking
statements include statements that describe the Company's business
strategy, outlook, objectives, plans, intentions or goals, and any
discussion of future operating or financial performance. Whenever
used, words such as "anticipate," "estimate," "expect," "project,"
"intend," "plan," "believe," "target" and other terms of similar
meaning are intended to identify such forward-looking statements.
Forward-looking statements are uncertain and to some extent
unpredictable, and involve known and unknown risks, uncertainties
and other important factors that could cause actual results to
differ materially from those expressed in, or implied from, such
forward-looking statements. Factors that could cause results to
differ materially from those anticipated by the Company include
general global economic conditions, decline in consumer spending,
interest and foreign currency exchange rate fluctuations,
availability of commodities, supplies and raw materials,
competition, acquisitions or divestitures, changes in government
defense budgets, employment and pension matters, contingencies
related to actual or alleged environmental contamination, claims
and concerns, intellectual property matters, personal injury
claims, governmental investigations, tax obligations, and changes
in generally accepted accounting principles. Other factors are more
thoroughly set forth in Item 1. Business, Item 1A. Risk Factors,
and Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations - Forward-Looking Statements in
the ITT Corporation Annual Report on Form 10-K for the fiscal year
ended December 31, 2006, and other of its filings with the
Securities and Exchange Commission. The Company undertakes no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise. DATASOURCE:
ITT Corporation CONTACT: Andy Hilton, +1-914-641-2160, Web site:
http://www.itt.com/
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