ITT Corp. announced a plan to separate the company's businesses into three distinct, publicly traded companies. One of the businesses will include advanced technology industrial pumps, valves and control systems serving the oil and gas, mining, chemical, power generation, and pulp and paper markets. Revenues for this unit are estimated at $2.1 billion. Another business will be a stand-alone water technology corporation with a new corporate brand name to be 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). Revenues are estimated at $3.6 billion. The third unit will be the existing Defense & Information Solutions segment, to be renamed and rebranded as a new stand-alone company.
Industry News…ITT Corp.
February 1, 2011