ITT Corporation

ITT Industries' CEO Lou Giuliano Addresses Aerospace and Defense Conference


    New York, NY, May 14, 2002 - ITT Industries, Inc.â?s (NYSE: ITT) Chairman, President and Chief Executive Officer Louis J. Giuliano discussed his companyâ?s strong and growing defense business for analysts at the Eighth Annual Aerospace & Defense Finance Conference in New York this afternoon.  ITTâ?s Defense Electronics & Services segment reported $1.3 billion in sales in 2001, 28 percent of total company revenues for ITT, and 25 percent of its operating income. 


    â?Our Defense business has always been an important component of our multi-industry portfolio, and is an important part of our growth strategy going forward,❠Giuliano said.  â?We have strong positions in attractive segments of the defense market, including electronic warfare, communications, space payloads, night vision, mobile radar, systems integration and technology services.  We see these businesses as opportunities for growth and reinvestment.â


    Giuliano said the companyâ?s defense backlog of more than $2.8 billion will drive segment revenue growth of 7-9 percent in 2002, and gives the company good revenue visibility for the foreseeable future.


    The annual Aerospace & Defense Finance Conference is sponsored by Credit Suisse First Boston and Aviation Week/Space Technology magazine.


    ITT Industries, Inc. ( supplies advanced technology products and services in key markets including: electronic interconnects and switches; defense communication, opto-electronics, information technology and services; fluid and water management and other specialty products. Headquartered in White Plains, NY, the company generated $4.7 billion in 2001 sales.


    Certain material presented herein consists of forward-looking statements which involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in, or implied from, such forward-looking statements.  Such factors include general economic conditions, foreign currency exchange rates, competition and other factors all as more thoroughly set forth in Item 1. Business and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements in the ITT Industries, Inc. Form 10-K Annual Report for the fiscal year ended December 31, 2001, and other of its filings with the Securities and Exchange Commission.


    In addition to the New York Stock Exchange, ITT Industries' common stock is traded on the Midwest, Pacific, London, Frankfurt and Paris exchanges.

About ITT

ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and oil and gas markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in White Plains, N.Y., with employees in more than 35 countries and sales in a total of approximately 125 countries. The company generated 2016 revenues of $2.4 billion.


Jason Moss
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Laurent Lawrence
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