U.S. manufacturer ITT Corp (ITT.N) plans to split itself into three companies to take advantage of growing water management and industrial markets as its defense unit braces for U.S. military spending cuts. The diversified conglomerate is the latest in a string of companies that have moved to split up their operations, including Fortune Brands and Motorola. ITT shares rose as much as 18 percent on Wednesday, reaching their highest point since the fall of 2008.
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