ITT Corporation announced that it finalized previously initiated spin offs of its Defense and Information Solutions business units, as well as its Water Technology and Services business. The re-organized company continues to trade as NYSE: ITT, a global high technology engineering and manufacturing company.
With the business spin offs complete, ITT says it repositions itself as a $2 billion company with four businesses that deliver highly engineered and customized products and services to the industrial, aerospace, transportation, and oil and gas industries.
“ITT’s businesses are focused on providing reliable and durable technologies for customers across balanced end markets and geographies, and our global portfolio is highly aligned with the global macro trends that will drive premier growth,” commented Denise Ramos, chief executive officer and president of ITT.
Ramos added, “Our company is also nicely capitalized to create significant value for shareowners, with an outstanding operating track record and dedicated people who are committed to delivering premier service, quality and innovation to our world-class customer base."
As a standalone company, Ramos said that ITT is now better positioned to focus on the key drivers that are specific to its businesses and that will accelerate growth, including a strong global footprint and profitable aftermarket business; commitment to innovation, customer service and operational excellence; and focus on capital deployment that fuels growth both organically and through targeted acquisitions.
Concurrent to the business separation, a 1:2 reverse stock split for ITT has become effective in which every two common shares of ITT will be converted into one common share of ITT. As a result, ITT will have approximately 92.5 million common shares outstanding after the reverse stock split.