ITT Corp. (ITT) announced a strategic realignment of its defense segment, in order to better align the company with the emerging needs of its expanding global customer base, which is increasingly integrated and network-centric.
ITT stated that the realignment will enable better integration of its product portfolio, encouraging a more coordinated market approach and reduced operational redundancies.
"We are positioning ITT to support our customers' emerging technology needs, while also greatly enhancing our ability to stake out new markets," said Steve Loranger, ITT's chairman, president and chief executive officer.
He also added that the company believes this move will also allow ITT to achieve greater operating efficiencies and optimize its cost structure, which will help drive successful business strategies for continued top-line growth.
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