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ITT Industries, Inc. (NYSE: IIN) announced today that it has purchased all of the shares of Kaman Sciences Corporation for $135 million in cash, thus completing the transaction announced on November 14, 1997. Kaman Sciences Corporation is a high-technology services company serving the U.S. military and other government agencies, and will now operate as a unit of ITT Industries' Defense & Electronics division. The Kaman business will be renamed "ITT Systems & Sciences Corporation" and will keep its headquarters in Colorado Springs, Colo.
"Combining Kaman Sciences' higher-growth information technology and engineering services business with our existing operations maintenance and technical support unit strengthens our defense division, and ultimately the entire ITT Industries portfolio," said Travis Engen, Chairman, President and Chief Executive of ITT Industries. "It's the kind of combination that we expect to create value for our shareholders."
Today's closing follows receipt of U.S. regulatory approval for the acquisition.
"We are now in a position to bring this already successful company into our own strong defense business," said Lou Giuliano, President and CEO of ITT Defense & Electronics. "Together, we are a full line supplier of operations and maintenance, and high-technology services, and have the size and skills to bid on and win larger contracts."
ITT Defense & Electronics is a leading supplier of high technology commercial and defense electronic systems, standard and customized connectors, and operations and maintenance services, with customers in avionics, data, communications, information systems, military, space and transportation. ITT Defense & Electronics reported 1996 sales of $1.6 billion, and is a subsidiary of ITT Industries, Inc.
ITT Industries, Inc. ( http://www.ittind.com ) is a leading global diversified manufacturing company with 1996 sales of $8.4 billion from its three primary business segments: Automotive, Defense & Electronics, and Fluid Technology. ITT Industries' automotive business is one of the world's largest independent suppliers of systems and components to automotive manufacturers. ITT Fluid Technology is the world's largest pump manufacturer, and a leading manufacturer of valves and other products, systems and services for the movement and control of fluids.
In addition to the New York Stock Exchange, ITT Industries' stock is traded under the symbol (IIN) on the Midwest, Pacific, London, Frankfurt and Paris exchanges.
ITT Industries and its subsidiaries' press releases are available at no charge via fax and the Internet. To receive releases by fax, call 800-758-5804, extension 110006. For ITT Industries' news on the Internet, visit http://www.ittind.com or http://www.prnewswire.com.
ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the energy, transportation and industrial markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. Founded in 1920, ITT is headquartered in White Plains, N.Y., with employees in more than 35 countries and sales in a total of approximately 125 countries. The company generated 2013 revenues of $2.5 billion. For more information, visit www.itt.com.
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