$135 Million Purchase Strengthens Defense & Electronics Division
in High Growth Services Market
WHITE PLAINS, N.Y., Nov. 14 /PRNewswire/ -- ITT Industries, Inc.
(NYSE: IIN) announced today its agreement to purchase Kaman Sciences
Corporation, a high-technology services company serving a broad range of
government agencies, for $135 million. The sale is expected to close by
year-end, subject to customary conditions, including regulatory approval.
"This acquisition is consistent with ITT Industries' strategy to build
higher-growth, more predictable, value creating businesses," said Travis
Engen, Chairman, President & Chief Executive of ITT Industries. "Kaman
Sciences has a strong track record and expects double-digit growth in 1997.
We, in turn, expect this business to enhance our long-term shareholder
"Kaman Sciences Corporation is a great match for ITT Defense &
Electronics," said Lou Giuliano, President and CEO of ITT Defense &
Electronics. "It's a solid company and a recognized market leader in the
information technology services area within the national defense community."
Giuliano stated that as the U.S. military continues to restructure, an
increase in outsourcing is expected.
"ITT Defense & Electronics is already a leading contractor for technical
and support services to the U.S. government," he said. "With the acquisition
of Kaman Sciences' complementary businesses, we will be positioned to
capitalize on this growing market as a full line supplier of operations and
maintenance and high-technology services to the government."
Kaman Sciences Corporation, headquartered in Colorado Springs, CO, is a
wholly owned subsidiary of Kaman Corporation. The company employs 1,200
people and 1997 sales are projected at approximately $150 million. The
majority of the company's business is with the Department of Defense and other
federal government agencies.
ITT Defense & Electronics is a leading supplier of high technology
commercial and defense electronic systems, standard and customized connectors,
and operations and maintenance services, with customers in avionics, data,
communications, information systems, military, space and transportation. ITT
Defense & Electronics employs 14,000 people and reported 1996 sales of
ITT Defense & Electronics is a business unit of ITT Industries,
(http://www.ittind.com), a leading worldwide diversified manufacturing
company, with 1996 sales of $8.4 billion from its three primary business
segments: Automotive, Defense & Electronics and Fluid Technology. ITT
Automotive is one of the world's leading independent suppliers of systems and
components to automotive manufacturers. ITT Fluid Technology is one of the
world's leading manufacturers of products, systems and services for the
movement, measurement and control of fluids.
In addition to the New York Stock Exchange, ITT Industries' stock is
traded under the symbol (IIN) on the Midwest, Pacific, London, Frankfurt and
SOURCE ITT Industries, Inc.
Web site: http://www.ittind.com
CONTACT: Tom Glover of ITT Industries, 914-641-2160, or Millie
Rogers, of ITT Defense & Electronics, 703-790-6336
NOTE TO EDITORS: This is ITT Industries, NYSE: IIN, NOT ITT
CORPORATION, NYSE: ITT. Any shorthand reference to ITT will be