ITT to get out of switches biz
WHITE PLAINS, N.Y. – ITT Corp. (NYSE: ITT), a supplier to the marine industry among others, has signed a definitive agreement with Littlejohn & Co. LLC, a private equity firm based in Greenwich, Conn., for the sale of its switches business for an undisclosed amount, it reported last week.
The switches business manufactures switches, dome arrays, interface controls and keypads for a variety of industries including mobile communications, computer, automotive and marine.
“This transaction is consistent with ITT’s corporate strategy to concentrate on its core businesses, which include water and wastewater solutions, advanced defense electronics and systems, and motion and flow control products,” said Steve Loranger, chairman, president and CEO of ITT. “The sale also provides Littlejohn & Co. with a well-positioned, world-class supplier of components that complements an already successful portfolio of businesses.”
Angus Littlejohn, chairman and CEO of Littlejohn & Co., said, “The ITT Switches business is a solid and profitable business, which over the past decade has built a skilled global workforce, excellent product portfolio, great customer base, and today has strong positions in the markets they serve. We believe that as an independent organization the company will be even better positioned to take advantage of opportunities and to continue building a world-class components business in partnership with the management and employees of the Switches business.”
ITT completed a strategic review of the switches business in the fourth quarter of 2005 and began reporting it as a discontinued operation in the third quarter of 2006. Both parties expect to finalize the transaction in mid-2007, subject to customary closing conditions and regulatory approvals.
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