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Monday, June 20, 2011

AIRSHOW-ITT defence unit spin-off on track, not for sale, (NYSE: ITT)

ITT Corp (ITT.N) is on track to spin off its defence division by the end of the year, the head of the unit told Reuters at the Paris Air Show on Monday, adding that the plan was not to sell it. ITT Corp, a diversified manufacturer, said in January that it planned to split into three by spinning off its defence and water management businesses into separate companies. "We can't control what others might think of or what others might do, but the purpose of the spin-off is to form our own independent publicly traded company," said David Melcher, president of ITT Corp's defence and information systems unit. Melcher said the division had not been approached by possible buyers and said its parent company would not entertain any offers. "It has to be clear to everybody that the intent is to stand up these companies and not to sell them," he said.

ITT Corporation (ITT) is a global engineering and manufacturing organization. Shares of ITT remained unchanged at $56.33. In the past year, the shares have traded as low as $42.05 and as high as $64.00. On average, 1143800 shares of ITT exchange hands on a given day and today's volume is recorded at 0.