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Wednesday, January 12, 2011

ITT Corp to break itself up, shares rise 18 pct, (NYSE: ITT)

U.S. manufacturer ITT Corp (ITT.N) plans to split itself into three companies to take advantage of the growing water and industrial markets as its defense unit prepares for U.S. military spending cuts. Its shares rose 18 percent on Wednesday, reaching their highest point since the fall of 2008. "We are theoretically at the beginning of a recovery in the commercial and industrial end markets, so the timing is good on that front," said Robinson Humphrey analyst Peter Skibitski.