Retooling Benefits ITT

Change has been good to ITT. The conglomerate, which has been remaking itself since the 1980s, posted better-than-expected second-quarter results on Friday and indicated that its strategy has made it largely impervious to economic cycles. ) has been selling noncore units, absorbing others in high-growth markets and fortifying its position in the defense industry. In 2007, ITT sold several electronics businesses and made two significant acquisitions: EDO, a global aerospace and defense company, and IMC, an industrial-components business. ITT, which makes military and electronics goods and water and transport systems, said a large deal to provide seawater in Chile, several contract wins in China and several "significant orders" for Indian Railways were highlights of the second quarter. The firm's defense pipeline burgeoned by... [read full story]