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ITT Corporation Splits in Three

ITT Corporation Splits in Three - top government contractors - best government contracting event
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ITT Corporation announced today it will separate into three entities, after a unanimous vote from its board of directors.

One of the spinoffs will be a water technology company formed by the current ITT business units Residential & Commercial Water, Flow Control and Water & Wastewater. This company’s capabilities will run the gamut from water transportation to treatment to analytics.

The other new company will be formed from ITT’s Defense & Information Solutions division. This new company will target communications, surveillance, and imaging, among others, for global governmental, military and commercial customers.

Remaining divisions, including industrial and high-tech solutions, will continue to be part of ITT Corporation. Current CFO Denise Ramos will become the next CEO of the revamped ITT Corporation. Gretchen McClain, current president of the Fluid and Motion Control division, will lead the water company, while David Melcher, current president of the Defense & Information Solutions division, will lead the new defense company.

Steve Loranger, current chairman, president and CEO of ITT, said the split would help all three companies be positioned for growth and would provide more focused opportunities for employees. Loranger will serve as chairman of the board of the water technology company.

“In today's business environment, we believe this strategy is the best approach to unlock this value and position the three businesses to grow and serve customers as focused global companies,“ he said. “Each new company will be more nimble and able to build stronger, more intimate customer relationships to accelerate mutual success.“

ITT shareholders will own shares in all three companies once the split is complete, which is expected to happen before the end of the year.

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