ITT To Spin Off Defense, Water Outfits Amid DOD Cuts

Law360, New York (January 12, 2011, 5:39 PM EST) -- ITT Corp. on Wednesday announced plans to spin off its defense and water technology segments to form three stand-alone operations, making it the latest company to implement structural changes amid lower defense spending by the U.S. government.

The move, which will not require a shareholder vote, will give each company more flexibility and room to grow in its respective industry, ITT spokeswoman Jenny Schiavone said.

ITT will continue to exist as a technology and industrial manufacturer, providing the oil, gas, mining, chemical, power generation, and pulp...
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