ITT CEO Steve Loranger Joins Other Leaders to Discuss Solutions to World’s Infrastructure Challenges
May 03 2010 - 3:26PM
Business Wire
ITT Corporation (NYSE: ITT) Chairman, President and CEO Steve
Loranger discussed solutions to the world’s infrastructure
challenges on the panel “Investing in Global Infrastructure” at the
Milken Institute Global Conference on Tuesday, April 27, 2010. The
Milken Foundation is a think tank dedicated to addressing
challenges facing the global economy.
The discussion focused on the need to modernize aging and
inadequate infrastructure. Loranger noted that rapid global
population growth necessitates unprecedented investments in
infrastructure. He proposed a redefinition of infrastructure to
include systems that help address this growth by ensuring a supply
of clean, usable water and virtual networks such as national air
traffic management systems.
"The Federal Aviation Administration estimates that by 2015 the
current U.S. air traffic control system will be unable to handle
the rising number of airplanes and passengers, which is expected to
increase by 50 percent to more than one billion passengers per
year,” said Loranger.
ITT is designing and installing the ground infrastructure for
the FAA’s NextGen, a $20 billion, multi-decade transformation from
the ground-based air traffic control system of today to a
satellite-based system of the future. Once fully rolled out,
NextGen and ADS-B could save the U.S. economy more than $40 billion
a year through fuel and labor cost savings.
"Although clean, drinkable water is among the most fundamental
human needs, less than 1 percent of the world’s water is safe to
drink,” said Loranger. “Freshwater withdrawals are predicted to
increase by 50 percent in developing countries and 18 percent in
developed countries by 2025.”
ITT has been working internationally to upgrade water
infrastructure, including in China, where ITT’s improved pump
design has greatly reduced pumping system requirements, saving
nearly 3 million Yuan in equipment cost and 1 million Yuan in
annual operating costs.
The panel was moderated by Daniel Casse, President, G100;
Managing Partner, High Lantern Group. Panelists included Pierre
Beaudoin, President and CEO, Bombardier Inc., Martin Koffel,
Chairman and CEO, URS Corp., Robert McCord, Treasurer, State of
Pennsylvania, and Michael Ward, Chairman, President and CEO, CSX
Corp.
Video footage of the entire panel is available at:
http://bit.ly/d4INxQ
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 2009 revenue of $10.9
billion. www.itt.com
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