ITT Acquires Full Ownership of South Korean Joint Venture
June 01 2011 - 9:00AM
Business Wire
ITT Corporation (NYSE: ITT) announced today it has completed its
acquisition of ITT Cannon Korea Ltd., building upon its
long-standing 20-year joint venture distribution business, which
sells ITT Cannon brand connector products in South Korea and
China.
The joint venture was formed in 1990 when ITT invested in a 51
percent stake -- with a Korean partner investing 49 percent -- to
form ITT Cannon Korea, creating an important local distribution
channel for ITT Cannon’s wide array of connector products.
“For the past two decades, our JV partnership has provided
important revenue opportunities in this key emerging market, and
ITT Cannon Korea is now poised for strong future growth,” said Bill
Taylor, president of ITT Interconnect Solutions.
ITT connectors are used in products worldwide and can be found
in a broad array of applications, such as military radios, headsets
and GP devices, as well as diagnostic medical equipment and
ultrasound machines, computers and handheld devices, and a host of
other highly engineered and specialty applications.
ITT Interconnect Solutions, a business of ITT Corporation, is an
international manufacturer and supplier of connectors including
circular, rectangular, fiber optic, RF, power and high voltage,
audio, PCMCIA, compact flash card, enclosures, cable assemblies,
and application specific custom solutions. The Interconnect
Solutions portfolio includes the brands Cannon, VEAM, and BIW. For
more information on ITT Interconnect Solutions, please visit
www.ittcannon.com.
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 reported 2010 revenue of $11
billion. www.itt.com.
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