ITT ESTABLISHES ITT DEFENSE AND ELECTRONICS INC.
ITT ESTABLISHES ITT DEFENSE AND ELECTRONICS INC. NEW YORK, Aug. 20 /PRNewswire/ -- ITT Corporation (NYSE: ITT)
announced today the establishment of ITT Defense and Electronics Inc., combining its defense and components operations into a single management structure.
"The overlapping markets of these two groups, as well as similarities in many of the manufacturing processes, technologies, and business strategies make this combination a logical one," Rand V. Araskog, chairman, president and chief executive said. "The combined strength of this new organization will help us to respond more profitably to the significant changes that both of these industries have been experiencing," Araskog said. The newly established company will report to Louis J. Giuliano, senior vice president of ITT and president and chief executive of ITT Defense and Electronics Inc. headquartered in Arlington, Va. Giuliano was president of ITT Defense. George H. Ashmore, senior vice president of ITT and president of ITT Components headquartered in Santa Ana, Calif. has retired. "Since Lou Giuliano joined ITT in 1988, after a successful career at Allied Signal, he has demonstrated a high degree of creativity and resourcefulness while working in a difficult business environment of the defense market. Mr. Giuliano will lead a strong management team integrating these two businesses into a stronger organization," Araskog concluded. The newly combined group will report to Travis Engen, executive vice president, ITT, responsible for the corporation's manufactured product businesses with 1991 sales of approximately $6.2 billion. Both components and defense reported to him previously. "These two groups share many common points of contact in the marketplace," Engen said. "In addition, combined they offer greater geographic balance than either of them did alone and therefore provide us with increased flexibility in our long-range planning," he continued. "Naturally we are mindful of the reduction in worldwide defense spending and wish to provide a business growth environment for the integrated company," Engen said. The group had combined 1991 sales of $2.2 billion and approximately 20,000 employees. ITT Defense, Inc. designs, produces and operates numerous types of tactical communications equipment for the military, navigation and air traffic control systems for civilian and military aircraft, electronic self-protection systems for combat aircraft, air and battlefield surveillance radar and night vision equipment. The group also provides operations, maintenance and training services for the military and other customers. ITT Defense units include: ITT Avionics Division in Clifton, N.J.; ITT Aerospace/Communications Division in Fort Wayne, Ind., and Nutley, N.J.; ITT Electro-Optical Products Division in Roanoke, Va.; ITT Electron Technology Division in Easton, Pa.; ITT Federal Services Corporation in Colorado Springs, Colo.; ITT Gallium Arsenide Technology Center in Roanoke, Va.; and ITT Gilfillan in Van Nuys, Calif. ITT Components has operations in several European countries, Japan and North America and produces a wide variety of electronic connectors, components and semiconductor devices which are used in military, industrial, professional and telecommunications equipment as well as in consumer appliances and automobiles. The main units of ITT Components include: ITT Cannon headquartered in Santa Ana, Calif. with units in Canada, Europe and the Far East; ITT Intermetall headquartered in Freiburg, Germany; and ITT Distribution, headquartered in Brussels, Belgium. ITT is a $20.2 billion diversified multinational enterprise engaged, either directly or through subsidiaries, in manufacturing and selling automotive, electronic components, fluid technology, defense, and forest products, and in providing and selling insurance, financial, communication and information, and hotel services. ITT has approximately 110,000 employees. -0- 8/20/92 /CONTACT: Jim Gallagher of ITT, 212-258-1261/ (ITT) CO: ITT Corporation; ITT Defense and Electronics Inc. ST: New York IN: ARO SU:
PS -- NY051 -- 1732 08/20/92 13:02 EDT
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|Date:||Aug 20, 1992|
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