ITT Announces an “Executive Memorandum of Understanding” with Emirates Advanced Investments
February 23 2009 - 2:00AM
Business Wire
ITT Corporation (NYSE: ITT) today signed an Executive Memorandum
of Understanding with Emirates Advanced Investments (EAI) to
formalize a partnership for exploration of business pursuits in the
defense and security sectors of the United Arab Emirates (UAE).
Dave Melcher, president of ITT Defense Electronics and Services,
signed the agreement with Hussain Ibrahim Al Hammadi, chairman and
chief executive officer of Emirates Advanced Investments, during
the IDEX 2009 exhibition in Abu Dhabi.
"This partnership reflects EAI�s commitment to helping protect
defense and security personnel across the region,� said Al Hammadi,
on the signing of the partnership. "Because of ITT's leadership
role and their state-of-the-art capabilities, we believe this
agreement will be mutually beneficial for developing solutions to a
wide variety of critical defense requirements in the UAE and
possibly elsewhere."
In creating a new strategic partnership between the companies,
this agreement will enable a strong alliance in the fields of
communications, sensing and surveillance, space, and advanced
engineering and services. The partnership will allow the two
parties to explore and develop strategic opportunities.
�The UAE is a critically important market for ITT Defense, and
we are honored and privileged to enter into a partnership with such
a professional and enterprising team as EAI,� said Melcher.
�The signing of this agreement formalizes a relationship of
trust and confidence that we have mutually developed over the
course of nearly a year,� added Bernard J. Dunn, vice president of
ITT Middle East Operations. �We are very much looking forward to
the opportunity to work closely with EAI.�
About ITT Corporation
ITT Corporation is a high-technology engineering and
manufacturing company operating on all seven continents in three
vital markets: water and fluids management, global defense and
security, and motion and flow control. With a heritage of
innovation, ITT partners with its customers to deliver
extraordinary solutions that create more livable environments,
provide protection and safety and connect our world. Headquartered
in White Plains, N.Y., the company generated 2008 sales of $11.7
billion. www.itt.com
About Emirates Advanced Investments
Emirates Advanced Investments, located in Abu Dhabi, United Arab
Emirates, was incorporated in 2005 to develop advanced technologies
and high-quality services through strategic global partnerships
with world-class manufacturing and service organizations.
ITT (NYSE:ITT)
Historical Stock Chart
From Jun 2024 to Jul 2024
ITT (NYSE:ITT)
Historical Stock Chart
From Jul 2023 to Jul 2024
