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Diversified manufacturer ITT Corp. (NYSE: ITT), White Plains, NY, will be separating its businesses into three publicly traded companies. The businesses are:
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Manufacturer of highly engineered industrial products, focused on ITT's current Industrial Process business, as well as its Motion Technologies, Interconnect Solutions and Control Technologies businesses. This includes its portfolio of industrial pumps, valves and control systems, connectors, aerospace valves, actuators, shock absorbers, and brake pads. Nearly 60 percent of revenues will come from international operations and emerging markets. Pro forma revenue for this business, which will continue to be called ITT Corp., is estimated at $2.1 billion.
Water technology corporation with a new corporate brand name formed through the combination of three of ITT's current businesses: Residential & Commercial Water, Flow Control and Water & Wastewater (including biological, filtration and disinfection treatment and analytics). Pro forma 2011 revenue for the future water technology business is estimated at $3.6 billion.
Defense technology and information solutions provider, which will include technologies such as next generation night vision, integrated electronic warfare, networked communications, force protection, radar, global intelligence, surveillance and reconnaissance systems, composite structures, space-based satellite imaging, weather and climate monitoring, and navigation and imaging systems, as well as maintenance, engineering and professional services. The business will continue to focus on growth beyond the core Department of Defense customer, with nearly 30 percent of revenues already coming from adjacent markets, such as air traffic management, information and cyber security, as well as strong international growth prospects. Pro forma 2011 revenue for the new defense and information solutions business is estimated at $5.8 billion.