ITT Corporation
 |
|
| Public | |
| Traded as | : ITT S&P 400 Component |
| Industry | Industrial Manufacturer (Historically a Conglomerate) |
| Predecessor | ITT Corporation |
| Founded | 1920 |
| Headquarters | White Plains, New York, United States |
|
Area served
|
Worldwide |
|
Key people
|
Denise L. Ramos (President & CEO) |
| Products | specialty components for the aerospace, transportation, energy and industrial markets |
| Revenue |
 US$ 2.5 billion (2013) |
|
US$ 184 million (2013) |
|
|
US$ 489 million (2013) |
|
| Total assets |
US$ 3.7 billion (2013) |
| Total equity |
US$ 1.2 billion (2013) |
|
Number of employees
|
9,400 (2013) |
| Website | ITT.com |
ITT Corporation (ITT) is an American worldwide manufacturing company based in White Plains, New York, producing specialty components for the aerospace, transportation, energy and industrial markets.
The company was founded in 1920 as International Telephone & Telegraph. During the 1960s and 1970s, under the leadership of CEO Harold Geneen, the company rose to prominence as the archetypal conglomerate, deriving its growth from hundreds of acquisitions in diversified industries. ITT divested its telecommunications assets in 1986, and in 1995 spun off its non-manufacturing divisions, later to be purchased by Starwood Hotels & Resorts Worldwide.
In 1996, the current company was founded as a spinoff of ITT as ITT Industries, Inc. and changed its name to ITT Corporation in 2006.
In 2011, ITT spun off its defense businesses into a company named Exelis, and its water technology business into a company named Xylem Inc.
International Telephone & Telegraph (ITT) was formed in 1920, created by brokers Colonel Sosthenes Behn and his brother Hernan Behn. The brothers had acquired the Puerto Rico Telephone Company in 1914 along with the Cuban-American Telephone and Telegraph Company and a half-interest in the Cuban Telephone Company. ITT's first major expansion was in 1923 when it consolidated the Spanish Telecoms market into what is now Telefónica. From 1922 to 1925 it purchased a number of European telephone companies.
In 1925, ITT purchased several companies from Western Electric, as Bell has agreed to "divest" itself of its international operations. They included the Bell Telephone Manufacturing Company (BTM) of Antwerp, Belgium, which manufactured rotary system switching equipment, and the British International Western Electric, which was renamed Standard Telephones and Cables (STC). Compagnie Générale d'Electricité later purchased BTM; Nortel later purchased STC.
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Wikipedia