ITT Completes Acquisition of EDO Corporation, Broadens High-Technology Aerospace and Defense Portfolio
Share:
WHITE PLAINS, N.Y., Dec. 20 - ITT Corporation (NYSE:ITT) today announced it has completed the acquisition of EDO Corporation, a global aerospace and defense company, for $56.00 per share plus the assumption of debt, which values the transaction at approximately $1.7 billion. The agreement to purchase EDO was announced on Sept. 17 and approved by EDO shareholders at a special meeting held Tuesday, Dec. 18.
"We believe EDO is an excellent strategic fit for our company and enhances our ability to meet the dynamic needs of our customers. EDO has talented people, proven technologies and strong customer relationships which offer wonderful complements to our business," said Steve Loranger, chairman, president and chief executive officer, ITT. "We're pleased the transaction closed smoothly and ahead of schedule, allowing us to turn our attention to integrating these two great businesses and unlocking the tremendous value anticipated from this combination."
EDO employs approximately 4,000 people and is a leader in the design and development of advanced systems at the center of the military's transformation to more secure and smarter defense capabilities. EDO has grown revenues at a compound annual growth rate of almost 16 percent over the last three years, and is anticipated to grow at approximately 60 percent in 2007 to its current- year forecast of approximately $1.15 billion. EDO will be fully integrated with ITT's defense business.
The acquisition is ITT's largest since becoming an independent company in 1995.
About ITT Corporation
ITT Corporation (www.itt.com) supplies advanced technology products and services in several growth markets. ITT is a global leader in water and fluid transport, treatment and control technology. The company plays a vital role in international security with communications and electronics products; space surveillance and intelligence systems; and advanced engineering and services. It also serves a number of growing markets-including marine, transportation and aerospace-with a wide range of motion and flow control technologies. Headquartered in White Plains, N.Y., the company employs approximately 40,000 people and generated $7.8 billion in 2006 sales.
Source: ITT Corporation
CONTACT: Andy Hilton, +1-914-641-2160, andy.hilton@itt.com
Web site: http://www.itt.com/
