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Recent Press on Transformation of ITT Defense & Information Solutions
ITT Corp to Overhaul Defense Business, Cut Jobs
Karen Jacobs, Reuters – January 5, 2010 – ITT Corp (ITT.N) said on Tuesday it plans to reorganize its defense business into three divisions to improve operations and cut costs in the face of a tightening U.S. budget, cutting the segment's workforce 2 percent to 3 percent.
Antoinne Boessenkool, Defense News – January 5, 2010 – ITT will combine its seven defense divisions into three and cut 2 percent to 3 percent of its defense work force, the maker of night-vision goggles and military radios said Monday.
Kathy Shwiff Dow Jones (Picked up by Wall Street Journal, NASDAQ.com) – January 5, 2010 – ITT Corp. (ITT) has realigned its defense segment to better match the company with the needs of its global customer base as well as to eliminate duplication. The changes will not affect the defense and industrial conglomerate's 2010 guidance issued last month. It said then that cost reductions, productivity improvements and business realignment initiated last year positioned the company to grow in 2010 after declining sales and income in 2009.
The Associated Press (Picked up by ABC News) - January 5, 2010 - Defense contractor ITT Corp. said Monday it will restructure its defense segment and cut jobs in 2010. The segment will be renamed ITT Defense and Information Solutions and its seven separate business units will be consolidated into three: Electronic Systems, based in Clifton, N.J.; Geospatial Systems, based in Rochester, N.Y.; and Information Systems, based in Herndon, Va.
Andrea Deckert, Rochester Business Journal – January 5, 2010 – ITT Corp.’s Space Systems Division in Rochester will merge with its Virginia-based Night Vision segment to form a new division called Geospatial Systems. The newly formed division will be based in Rochester and focus on providing networked sensors, such as next generation imaging. Additional details on the merger were not immediately available. Reuters reported Tuesday the moves are expected to reduce ITT’s global work force by 2 percent to 3 percent.
ITT Corp to Overhaul Defense Business, Cut Jobs
Karen Jacobs, Reuters – January 5, 2010 – ITT Corp (ITT.N) said on Tuesday it plans to reorganize its defense business into three divisions to improve operations and cut costs in the face of a tightening U.S. budget, cutting the segment's workforce 2 percent to 3 percent.
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Antoinne Boessenkool, Defense News – January 5, 2010 – ITT will combine its seven defense divisions into three and cut 2 percent to 3 percent of its defense work force, the maker of night-vision goggles and military radios said Monday.
| FOR FULL COVERAGE | |
Kathy Shwiff Dow Jones (Picked up by Wall Street Journal, NASDAQ.com) – January 5, 2010 – ITT Corp. (ITT) has realigned its defense segment to better match the company with the needs of its global customer base as well as to eliminate duplication. The changes will not affect the defense and industrial conglomerate's 2010 guidance issued last month. It said then that cost reductions, productivity improvements and business realignment initiated last year positioned the company to grow in 2010 after declining sales and income in 2009.
| FOR FULL COVERAGE | |
The Associated Press (Picked up by ABC News) - January 5, 2010 - Defense contractor ITT Corp. said Monday it will restructure its defense segment and cut jobs in 2010. The segment will be renamed ITT Defense and Information Solutions and its seven separate business units will be consolidated into three: Electronic Systems, based in Clifton, N.J.; Geospatial Systems, based in Rochester, N.Y.; and Information Systems, based in Herndon, Va.
| FOR FULL COVERAGE | |
Andrea Deckert, Rochester Business Journal – January 5, 2010 – ITT Corp.’s Space Systems Division in Rochester will merge with its Virginia-based Night Vision segment to form a new division called Geospatial Systems. The newly formed division will be based in Rochester and focus on providing networked sensors, such as next generation imaging. Additional details on the merger were not immediately available. Reuters reported Tuesday the moves are expected to reduce ITT’s global work force by 2 percent to 3 percent.
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