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For other uses, see ITT (disambiguation).
ITT Corporation
Type Public (NYSE: ITT)
Founded 1920[1]
Headquarters White Plains, New York, USA
Key people Steve Loranger, CEO
Industry Diversified Manufacturer
Revenue $9. A public company usually refers to a company that is permitted to offer its registered securities ( Stock, bonds, etc The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. Year 1920 ( MCMXX) was a Leap year starting on Thursday (link will display 1920 of the Gregorian calendar For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services 0 billion
Employees 37,500
Website www.itt.com

ITT Corporation, NYSE: ITT is a global diversified manufacturing company with 2007 revenues of $9. Employment is a Contract between two parties, one being the employer and the other being the employee. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. 0 billion. ITT participates in global markets including water and fluids management, defense and security, and motion and flow control.

ITT's water business is the world's largest supplier of pumps and systems to transport, treat and control water and other fluids. The company's defense electronics and services business is one of the ten largest U. S. defense contractors providing defense and security systems, advanced technologies and operational services for military and civilian customers. ITT's motion and flow control business manufactures specialty components for aerospace, transportation and industrial markets.

The "mother company" was founded in 1920 as International Telephone & Telegraph. Year 1920 ( MCMXX) was a Leap year starting on Thursday (link will display 1920 of the Gregorian calendar During the 1960s and 1970s, under the leadership of then-CEO Harold Geneen the company rose to prominence as the archetypal conglomerate, deriving its growth from hundreds of acquisitions in diversified industries. Harold "Hal" Sydney Geneen ( January 22, 1910 — November 21, 1997) was an American Businessman most famous for A conglomerate is a large Company that consists of seemingly unrelated Business sections 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. Starwood Hotels & Resorts Worldwide Inc ( is a Hospitality ownership management and franchise organization based in White Plains New York.

Between 1996 and 2006, the current company was known as ITT Industries, Inc.

Contents

History

ITT was formed in 1920, spawned from the Puerto Rico Telephone Company co-founded by Sosthenes Behn. Puerto Rico Telephone ( PRT) is the largest Puerto Rican telecommunications services company Sosthenes Behn ( January 30, 1882 - June 6, 1957) is an American businessman widely known for founding ITT. [2] Its first major expansion was in 1923 when it consolidated the Spanish Telecoms market into what is now Telefónica. Telefónica SA, (,,,,) is a Spanish telecommunication company. [3] From 1922 to 1925 it purchased a number of European telephone companies. In 1925 it purchased Bell Telephone Manufacturing company in Belgium, which was formerly affiliated with AT&T. Before proposing a merge request please see Talk and see if the merger you propose has recently been made and In the 1930s, ITT grew through purchasing German electronic companies Standard Elektrizitaetsgesellschaft and Mix & Genest, both of which were internationally active companies.

Former HQ at 75 Broad Street, Manhattan
Former HQ at 75 Broad Street, Manhattan

Alleged Nazi involvement

According to Anthony Sampson's book "The Sovereign State of ITT," one of the first American businessmen Hitler received after taking power in 1933 was Sosthenes Behn, then the CEO of ITT and his German representative, Henry Mann. The Sovereign State ( 1973, ISBN 0-340-17195-2 is a book by Anthony Sampson that uses the example of ITT (International Telephone and Telegraph to make Sosthenes Behn ( January 30, 1882 - June 6, 1957) is an American businessman widely known for founding ITT. Antony C. Sutton, in his book "Wall Street and the Rise of Hitler", makes the claim that ITT subsidiaries made cash payments to S. Antony Cyril Sutton ( February 14, 1925 - June 17, 2002) was a British-born economist historian and writer S. leader Heinrich Himmler. Heinrich Luitpold Himmler ( 7 October 1900 – 23 May 1945 was a Nazi German politician and head of the Schutzstaffel (SS.

ITT, through its subsidiary The Lorenz Company, owned 25% of Focke-Wulf, the German aircraft manufacturer, builder of some of the most successful Luftwaffe fighter aircraft. Focke-Wulf Flugzeugbau AG was a German manufacturer of civil and military aircraft during World War II. ( German 'luftvafe is a generic German term for an Air force. A fighter aircraft is a Military aircraft designed primarily for air-to-air combat with other Aircraft, as opposed to a Bomber, which is designed In addition, Sutton’s book uncovers that ITT owned Huth and Company, G. m. b. H. of Berlin, which made radio and radar parts that were used in equipment going to the German Armed Forces. Berlin is the capital city and one of sixteen states of Germany. Radio is the transmission of signals by Modulation of electromagnetic waves with frequencies below those of visible Light. Radar is a system that uses electromagnetic waves to identify the range altitude direction or speed of both moving and fixed objects such as Aircraft, ships The Bundeswehr ( German for "Federal Defence Force") is the name of the unified Armed forces of the Federal Republic of Germany

Post-war

In 1951, ITT purchased Philo Farnsworth's television company to break into the market. Philo Taylor Farnsworth ( August 19, 1906 – March 11, 1971) was an American inventor Television ( TV) is a widely used Telecommunication medium for sending ( Broadcasting) and receiving moving Images, either monochromatic At that time Farnsworth was also developing the Fusor. The Farnsworth–Hirsch Fusor, or simply fusor, is an apparatus designed by Philo T Also in 1951, ITT bought a majority interest in the Kellogg Switchboard & Supply company (founded in 1897 as a pioneer in "divided-multiple" telephone switchboards) and bought the remaining shares the next year. Kellogg Switchboard & Supply Company was a major manufacturer of Telephone exchange equipment A switchboard (also called a manual exchange) was a device used to connect a group of Telephones manually to one another or to an outside connection within and between ITT changed the name to ITT Kellogg. After merging Federal Telephone and Radio Corporation into ITT Kellogg and combining manufacturing operations the name was changed again to ITT Telecommunications.

International telecommunications

International telecommunications manufacturing subsidiaries included STC in Britain, SEL in Germany, BTM in Belgium, and CGCT and LMT in France. Alec Reeves invented Pulse-code modulation (PCM), upon which all future digital voice communication was based. Alec Harley Reeves, CBE ( March 10, 1902 - October 13, 1971) was a British scientist best known for his invention of These companies manufactured equipment according to ITT designs including the (1960s) Pentaconta crossbar switch and (1970s) Metaconta D, L and 10c Stored Program Control exchanges, mostly for sale to their respective national telephone administrations. A crossbar switch (also known as cross-point switch, crosspoint switch, or matrix switch) is a Switch connecting multiple inputs to multiple Stored Program Control exchange (SPC is the technical name used for Telephone exchanges controlled by a computer program stored in the memory of the system This equipment was also produced under license in Poznan (Poland), in Yugoslavia, and elsewhere. ITT was the largest owner of the LM Ericsson company in Sweden but sold out in 1960. Ericsson ( Telefonaktiebolaget L M Ericsson) () one of the largest Swedish companies is a leading provider of telecommunication and data communication systems

Harold Geneen appointment

In 1959 Harold Geneen was elected as CEO. Harold "Hal" Sydney Geneen ( January 22, 1910 — November 21, 1997) was an American Businessman most famous for A chief executive officer ( CEO) or chief executive is typically the highest-ranking corporate officer ( executive) or administrator Using leveraged buyouts, he turned the minor building of the 1950s into a major force during the 1960s. A leveraged buyout (or LBO, or highly-leveraged transaction (HLT or "bootstrap" transaction occurs when a Financial sponsor acquires a controlling interest In 1963, ITT attempted to purchase the television network ABC for $700 million. The American Broadcasting Company ( ABC) is an American Television network. The deal was halted by federal antitrust regulators who feared ITT was growing too large. In order to continue growing while not running afoul of antitrust legislation, it moved to acquire companies outside of the telecommunications industry. Under Geneen, ITT bought over 300 companies in the 1960s, including some hostile takeovers. In business a takeover is the purchase of one company (the target) by another (the acquirer, or bidder) The deals included well-known businesses like the Sheraton Hotel chain, Wonder Bread maker Continental Baking, The Hartford insurance company, and Avis Rent-a-Car. Sheraton Hotels and Resorts is Starwood Hotels & Resorts ' largest and second oldest brand ( Westin being the oldest Interstate Bakeries Corporation (IBC ( or Interstate Brands Corporation is the largest wholesale baker and distributor of fresh bakery products in the United States, and The Hartford Financial Services Group Inc, ( usually known as The Hartford, is a Fortune 100 company and one of America’s largest investment and Insurance Avis Rent A Car System LLC is a Car rental company headquartered in Parsippany New Jersey USA ITT also absorbed smaller operations in auto parts, energy, books, semiconductors and cosmetics. In 1966, ITT acquired Educational Services, Inc. , an operator of for-profit schools, which became ITT/ESI.

ITT's sales grew from about $700 million in 1960 to about $8 billion in 1970, and its profit from $29 million to $550 million. However, when the higher interest rates started eating away at profits in the late 1960s, ITT's growth slowed considerably.

In the late 1960s, the British electronics manufacturer Kolster-Brandes, KB for short, had run into trouble with its color television manufacturing, and turned to ITT for help; ITT bought out the company, and for a while, U. K. products were badged "ITT KB" then eventually just ITT. By the late 1970s, ITT had a good presence on the U. K. domestic electrical market in television, audio and portable radio products.

Involvement in 1973 Pinochet coup in Chile

In 1970 ITT owned of 70% of Chitelco, the Chilean Telephone Company and funded El Mercurio, a Chilean right-wing newspaper. El Mercurio is a conservative Chilean newspaper with editions in Valparaíso and Santiago. In Politics, right-wing, the political right, and the Right are positions that uphold traditional values and/or authorities Declassified documents released by the CIA in 2000 suggest that ITT financially helped opponents of Salvador Allende's government prepare a military coup (National Security Archives). near as long as it used to be several months ago It has been actively summarized and split into sub-articles and there is a dynamic talk page discussion of all Salvador Isabelino Allende Gossens (June 26 1908 – September 11 1973 was President of Chile from November 1970 until his death during the coup d'état of On September 28, 1973, ITT's headquarters in New York City, New York, was bombed by protesters for alleged involvement in the overthrow of the democratically elected and emerging socialist government in Chile. Events 48 BC - Pompey the Great is assassinated on orders of King Ptolemy of Egypt after landing in Egypt. Year 1973 ( MCMLXXIII) was a Common year starting on Monday (link will display full calendar of the 1973 Gregorian calendar. The City of New York Chile, officially the Republic of Chile ( Spanish:) is a country in South America occupying a long and narrow Coastal strip wedged between the

In 1972 newspaper columnist Jack Anderson disclosed a memo of ITT's Washington lobbyist, Dita Beard, which revealed a relationship between ITT's providing funds for the Republican National Convention and a Justice Department settlement of an antitrust suit favorable to ITT. Jackson Northman Anderson ( October 19, 1922 &ndash December 17, 2005) was an American The Republican National Convention is the presidential nominating convention of the Republican Party of the United States. For animal rights group see Justice Department (JD The United States Department of Justice ( DOJ) is a Cabinet department [4]

Geneen remained CEO of ITT until 1977 while many conglomerates had removed their CEOs due to lack of profits. His successor, Rand Araskog, dismantled much of ITT, selling most of its holdings, including the last of ITT's telecommunications businesses. Rand Vincent Araskog (born October 31, 1931) is a prominent U

The business historian Robert Sobel published ITT: The Management of Opportunity in 1982. Robert Sobel ( February 19 1931 &ndash June 2, 1999) was an American professor of history at Hofstra University, and

The song "International Thief Thief" by Fela Kuti documents the alleged corruption and meddling of the company in Nigerian politics. Fela Anikulapo Kuti (born Olufela Olusegun Oludotun Ransome-Kuti, October 15 1938 – August 2 1997) or simply Fela, was

Breakup

In 1989, ITT sold all international telecommunications products business to Alcatel, now Alcatel-Lucent. Alcatel-Lucent is one of the world's biggest industry players in Telecommunications that provides hardware software and services to Service Providers Enterprises and ITT Kellogg was also part of the 1989 sale to Alcatel. The company was then sold to private investors in the U. S. and went by the name Cortelco Kellogg. Today the company is known as Cortelco (Corinth Telecommunications Corporation, named for Corinth, MS headquarters). Kellogg Switchboard & Supply Company was a major manufacturer of Telephone exchange equipment Corinth is a city in Alcorn County, Mississippi, United States. ITT Educational Services, Inc. (ESI) was spun off through an IPO in 1994, with ITT as an 83% shareholder. ITT Technical Institute (often shortened to ITT Tech is a private for-profit, technical institute with 100 campuses in 35 states of the United States Initial public offering (IPO, also referred to simply as a "public offering" is when a company issues Common stock or shares to the public for the first ITT merged its long distance division with Metromedia Long Distance, creating Metromedia-ITT. Metromedia (also often MetroMedia) was a media company that owned radio and Television stations in the United States from 1956 Metromedia-ITT would eventually be acquired by Long Distance Discount Services, Inc. (LDDS) in 1993. LDDS would later change its name to Worldcom in 1995. MCI Inc is an American Telecommunications company that is headquartered in Ashburn Virginia.

In 1995, ITT Corporation split into 3 separate public companies:

Criminal prosecution

In March of 2007, ITT Corporation became the first major defense contractor to be convicted for criminal violation of the Arms Export Control Act. In Criminology, corporate crime refers to crimes committed either by a Corporation (i The Arms Export Control Act gives the President of the United States the authority to control the import and export of defense articles and defense services The fines resulted from ITT's outsourcing program, in which they transferred night vision goggles and classified information about countermeasures against laser weapons, including light interference filters to engineers in Singapore, the People's Republic of China, and the United Kingdom. Outsourcing is Subcontracting a process such as product design or Manufacturing, to a Third-party company A night vision device (NVD is an Optical instrument that allows images to be produced in levels of light approaching total darkness A countermeasure is a system (usually for a Military application designed to prevent Sensor -based Weapons from acquiring and/or destroying a target There are many scientific military medical and commercial laser applications which have been developed since the invention of the laser in the 1958 Singapore Talk People's Republic of China) PEOPLE'S REPUBLIC OF CHINA ARTICLE GUIDELINES The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located [5] They were fined $100 million US dollars, although they were also given the option of spending half of that sum on research and development of new night vision technology. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been The phrase research and development (also R and D or more often R&D) according to the Organization for Economic Co-operation and Development, refers The United States government will assume rights to the resulting created intellectual property. [6]

In its investigation and subsequent ruling the DOJ found that the corporation went to significant lengths to circumvent rules regarding the exports including setting up a front corporation. For animal rights group see Justice Department (JD The United States Department of Justice ( DOJ) is a Cabinet department According to U.S. Attorney John Brownlee the company fought the investigation in order "to essentially run out the clock on the statute of limitations. United States Attorneys (also known as federal prosecutors) represent the United States federal government in United States district court and " [7]

Purchase of International Motion Control (IMC)

An agreement was reached in June 26, 2007 for ITT to acquire privately held International Motion Control (IMC) for $395 million. The deal was closed and finalised in September 2007.

Purchase of EDO

An agreement was reached September 18, 2007 for ITT to buy EDO Corporation for $1. EDO Corporation was an American company which is now a wholly owned subsidiary of ITT Corporation ( 7 billion. [8] After EDO shareholders' approval, the deal was closed and finalized on December 20, 2007.

Headquarters

Further reading

External links

Notes

  1. ^ The company currently named ITT Corporation incorporated in Indiana in 1995 as ITT Industries, Inc. Year 1995 ( MCMXCV) was a Common year starting on Sunday. Events of 1995 , the successor corporation of ITT Corporation, which was first incorporated in 1920 as International Telephone & Telegraph, and in 1983 changed its name to ITT Corporation. In 2006, ITT Industries, Inc. changed its name to ITT Corporation.
  2. ^ Puerto Rico Telephone Company
  3. ^ Sampson,Anthony:The Sovereign State of ITT, Hodder and Stoughton, 1973
  4. ^ United States and American History: 1972
  5. ^ http://biz.yahoo.com/ap/070327/itt_fine.html?.v=3 "ITT Fined $100M for Illegal Tech Exports" Tuesday March 27, 8:44 pm ET; Sue Lindsey, Associated Press Writer
  6. ^ http://www.theregister.co.uk/2007/03/27/itt_fined_for_illegal_exports/ "ITT Fined for Illegal Exports" Tuesday March 27, The Register; Drew Cullen
  7. ^ ITT fined up to $100M for illegal night vision exports - Mar. 27, 2007
  8. ^ ITT Corp. Acquires EDO in $1.7B Deal
Puerto Rico Telephone ( PRT) is the largest Puerto Rican telecommunications services company The Associated Press ( AP) is an American News agency. The AP is a Cooperative owned by its contributing Newspapers radio The Register (" El Reg " to its staff and readers is a British technology news and opinion website
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