Speaking at the Milken Global Conference, Loranger emphasized the importance of investment in water infrastructure and virtual networks
WHITE PLAINS, N.Y., May 3, 2010 – ITT Corporation (NYSE: ITT) Chairman, President and CEO Steve Loranger discussed solutions to the world's infrastructure challenges on the panel "Investing in Global Infrastructure" at the Milken Institute Global Conference on Tuesday, April 27, 2010. The Milken Foundation is a think tank dedicated to addressing challenges facing the global economy.
The discussion focused on the need to modernize aging and inadequate infrastructure. Loranger noted that rapid global population growth necessitates unprecedented investments in infrastructure. He proposed a redefinition of infrastructure to include systems that help address this growth by ensuring a supply of clean, usable water and virtual networks such as national air traffic management systems.
"The Federal Aviation Administration estimates that by 2015 the current U.S. air traffic control system will be unable to handle the rising number of airplanes and passengers, which is expected to increase by 50 percent to more than one billion passengers per year," said Loranger.
ITT is designing and installing the ground infrastructure for the FAA's NextGen, a $20 billion, multi-decade transformation from the ground-based air traffic control system of today to a satellite-based system of the future. Once fully rolled out, NextGen and ADS-B could save the U.S. economy more than $40 billion a year through fuel and labor cost savings.
"Although clean, drinkable water is among the most fundamental human needs, less than 1 percent of the world's water is safe to drink," said Loranger. "Freshwater withdrawals are predicted to increase by 50 percent in developing countries and 18 percent in developed countries by 2025."
ITT has been working internationally to upgrade water infrastructure, including in China, where ITT's improved pump design has greatly reduced pumping system requirements, saving nearly 3 million Yuan in equipment cost and 1 million Yuan in annual operating costs.
The panel was moderated by Daniel Casse, President, G100; Managing Partner, High Lantern Group. Panelists included Pierre Beaudoin, President and CEO, Bombardier Inc., Martin Koffel, Chairman and CEO, URS Corp., Robert McCord, Treasurer, State of Pennsylvania, and Michael Ward, Chairman, President and CEO, CSX Corp.
Video footage of the entire panel is available at: http://bit.ly/d4INxQ
About ITT Corporation
ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company generated 2009 revenue of $10.9 billion. www.itt.com
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