UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 9, 2007
ITT CORPORATION
(Exact name of registrant as specified in its charter)
Indiana 1-5672 13-5158950
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
4 West Red Oak Lane
White Plains, New York 10604
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (914) 641-2000
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (See General Instruction A.2. below):
[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Not Applicable
(Former name or former address, if changed since last report)
Item 8.01 Other Events
On May 9, 2007, the Company announced that it entered into a definitive
agreement for the sale of the Company's Switches business to Littlejohn & Co.
LLC. The transaction is expected to close in mid-2007, subject to customary
closing conditions and regulatory approvals.
A copy of the press release announcing the transaction is attached and
incorporated by reference herein as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
99.1 Press release dated May 9, 2007.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ITT CORPORATION
By: /s/ Kathleen S. Stolar
----------------------------------
Kathleen S. Stolar
Its: Vice President, Secretary
and Associate General Counsel
Date: May 10, 2007
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ITT Announces Sale of Switches Business to Littlejohn & Co. LLC
WHITE PLAINS, N.Y., May 9 /PRNewswire/ -- ITT Corporation (NYSE: ITT)
today announced that it has signed a definitive agreement with Littlejohn & Co.
LLC, a private equity firm based in Greenwich, Connecticut, for the sale of its
Switches business for an undisclosed amount. The Switches business manufactures
switches, dome arrays, interface controls and keypads for a variety of
industries including mobile communications, computer and automotive.
"This transaction is consistent with ITT's corporate strategy to
concentrate on its core businesses, which include water and wastewater
solutions, advanced defense electronics and systems, and motion and flow control
products," said Steve Loranger, Chairman, President and Chief Executive Officer
of ITT Corporation. "The sale also provides Littlejohn & Co. with a
well-positioned, world-class supplier of components that complements an already
successful portfolio of businesses."
Angus Littlejohn, Chairman and Chief Executive Officer of Littlejohn &
Co., said, "The ITT Switches business is a solid and profitable business, which
over the past decade has built a skilled global workforce, excellent product
portfolio, great customer base, and today has strong positions in the markets
they serve. We believe that as an independent organization the company will be
even better positioned to take advantage of opportunities and to continue
building a world-class components business in partnership with the management
and employees of the Switches business."
ITT completed a strategic review of the Switches business in the fourth
quarter of 2005 and began reporting it as a discontinued operation in the third
quarter of 2006. Both parties expect to finalize the transaction in mid-2007,
subject to customary closing conditions and regulatory approvals.
About ITT Corporation
ITT Corporation (http://www.itt.com) supplies advanced technology products
and services in several growth markets. ITT is a global leader in the transport,
treatment and control of water, wastewater and other fluids. The company plays a
vital role in international security through its defense communications and
electronics products; space surveillance and intelligence systems; and advanced
engineering and related services. It also serves the growing leisure marine and
electrical connectors markets with a wide range of products. Headquartered in
White Plains, N.Y., the company generated $7.8 billion in 2006 sales. In
addition to the New York Stock Exchange, ITT Corporation stock is traded on the
Euronext, London and Frankfurt exchanges.
SOURCE ITT Corporation
-0- 05/09/2007
/CONTACT: Angela Buonocore of ITT Corporation, +1-914-641-2157,
angela.buonocore@itt.com/
/Web site: http://www.itt.com /
(ITT)