U.S. manufacturer ITT Corp (ITT.N) plans to split itself into three publicly traded 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 Chairman and Chief Executive Steve Loranger said the break-up had been considered for six months and was made by the management and board with no investor pressure.
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