New Unit to Be Called 'ITT Systems & Sciences Corporation'
Within Defense Business
WHITE PLAINS, N.Y., Dec. 30 /PRNewswire/ -- ITT Industries, Inc.
(NYSE: IIN) announced today that it has purchased all of the shares of
Kaman Sciences Corporation for $135 million in cash, thus completing the
transaction announced on November 14, 1997. Kaman Sciences Corporation is a
high-technology services company serving the U.S. military and other
government agencies, and will now operate as a unit of ITT Industries' Defense
& Electronics division. The Kaman business will be renamed "ITT Systems &
Sciences Corporation" and will keep its headquarters in Colorado Springs,
"Combining Kaman Sciences' higher-growth information technology and
engineering services business with our existing operations maintenance and
technical support unit strengthens our defense division, and ultimately the
entire ITT Industries portfolio," said Travis Engen, Chairman, President and
Chief Executive of ITT Industries. "It's the kind of combination that we
expect to create value for our shareholders."
Today's closing follows receipt of U.S. regulatory approval for the
"We are now in a position to bring this already successful company into
our own strong defense business," said Lou Giuliano, President and CEO of ITT
Defense & Electronics. "Together, we are a full line supplier of operations
and maintenance, and high-technology services, and have the size and skills to
bid on and win larger contracts."
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 reported 1996 sales of $1.6 billion, and is a subsidiary
of ITT Industries, Inc.
ITT Industries, Inc. ( http://www.ittind.com ) is a leading global
diversified manufacturing company with 1996 sales of $8.4 billion from its
three primary business segments: Automotive, Defense & Electronics, and Fluid
Technology. ITT Industries' automotive business is one of the world's largest
independent suppliers of systems and components to automotive manufacturers.
ITT Fluid Technology is the world's largest pump manufacturer, and a leading
manufacturer of valves and other products, systems and services for the
movement 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
ITT Industries and its subsidiaries' press releases are available at no
charge via fax and the Internet. To receive releases by fax, call
800-758-5804, extension 110006. For ITT Industries' news on the Internet,
visit http://www.ittind.com or http://www.prnewswire.com.
SOURCE ITT Industries, Inc.
Web site: http://www.ittind.com
NOTE TO EDITORS: This is ITT Industries -- NYSE: IIN, not ITT
Corporation -- NYSE: ITT. Any shorthand reference to ITT will be
CONTACT: Tom Glover of ITT Industries, 914-641-2160