ITT Corp. (ITT), a manufacturer of engineered products and services, Thursday said it finalized the purchase of EDO Corp. (EDO) in its largest take-over since inception. The total purchase price is around $1.7 billion, representing $56.00 per share and assumption of debt. The deal has already been approved by EDO shareholders. EDO will be integrated with the defense businesses of ITT.ITT, headquartered at White Plains in New York, believes that EDO is an ideal choice to boost ITT's capacity to satisfy customer needs. EDO is an aerospace and defense company with an employee-strength of 4 thousand individuals. EDO, with a compound annual revenue growth rate of 16%, anticipates nearly 60% increase in revenues for 2007.Steve Loranger, chairman of ITT, commented, We are 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.In September, ITT announced the agreement to acquire EDO for $1.7 billion, including about $120 million of net debt and the anticipated conversion of convertible notes. The company said it expects the deal to be neutral to its earnings per share in 2008 and accretive thereafter.With the combination, ITT will be positioned to play an important role on some of the U.S. military's vital transformational initiatives. The combination is expected to add EDO's attractive positions in defense electronics to ITT's sensing and surveillance capabilities. Further, ITT's leading position in battlefield communications will be complemented with EDO's expertise in mobile networking and integration, interference cancellation and antennas.Recently, ITT announced the addition of Surya Mohapatra to its Board, effective February 14, 2008. Mohapatra has been serving Quest Diagnostics as chairman, president and chief executive officer since 2004.Shares of ITT are currently trading at $62.72, up $0.72 or 1.16%, on a volume of 0.67 million shares.EDO is trading at $55.97, down $0.03 or 0.05%, on 0.26 million shares.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.