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): September 4, 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 August 30, 2007, the Company announced that it was awarded a $207
million initial contract by the Federal Aviation Administration (FAA) to lead a
team to develop and deploy the Automatic Dependent Surveillance - Broadcast
(ADS-B) system. ADS-B is a key component of the FAA's NextGen program intended
to increase safety and efficiency to meet the growing needs of air
transportation. The period of performance for the initial contract is three
years, with a contract value of $207 million. Under the contract, ITT will be
responsible for overall system integration and engineering and under contract
options will operate and maintain the system after deployment through September
2025. The contract has a potential value with all options exercised of $1.86
billion.
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 August 30, 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: September 4, 2007
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[LOGO] ITT ITT Corporation
1650 Tysons Blvd.
Suite 1700
McLean, VA 22102
tel 703-790-6334
Press Release
Tom Glover
+1-703-790-6334
Tom.Glover@itt.com
ITT Corporation Awarded Contract to
Lead FAA's ADS-B air traffic modernization program
Next generation system will streamline air traffic flow using GPS, other
advanced technology
McLean, Va. - August 30, 2007 - ITT Corporation (NYSE: ITT) today announced it
was awarded a $207 million initial contract by the Federal Aviation
Administration (FAA) to lead a team to develop and deploy the Automatic
Dependent Surveillance - Broadcast (ADS-B) system. ADS-B is a key component of
the FAA's NextGen program intended to increase safety and efficiency to meet the
growing needs of air transportation.
The period of performance for the initial contract is three years, with a
contract value of $207 million. Under the contract, ITT will be responsible for
overall system integration and engineering and under contract options will
operate and maintain the system after deployment through September 2025. The
contract has a potential value with all options exercised of $1.86 billion.
"The ITT Team is proud to have been selected by the FAA as its partner in the
establishment of this technology that will form the basis for the transformation
of the air transportation system under the FAA's NextGen vision," said Steve
Gaffney, president of ITT Defense. "ITT and its premier team of industry
partners are committed to working with the FAA to ensure this NextGen
cornerstone program delivers its full potential for enhanced National Airspace
System safety, efficiency and capacity."
The ITT team includes its partners AT&T, Thales North America, WSI, SAIC,
PriceWaterhouseCoopers, Aerospace Engineering, Sunhillo, Comsearch, MCS of
Tampa, Pragmatics, Washington Consulting Group, Aviation Communications and
Surveillance Systems (ACSS), Sandia Aerospace and NCR Corporation.
- more -
[LOGO] ITT
The ITT team will work with the FAA to deploy a nationwide air traffic control
surveillance network consisting of field radio sites, data processing centers,
network operations centers, and equipment to enable delivery of surveillance
data to air traffic control facilities. The deployed ADS-B surveillance network
is designed to provide more accurate and rapidly updating position data using
GPS to determine aircraft position. Other major benefits of the system include:
o a surveillance network that is more cost effective than today's
network of radar systems,
o a potential future data link for delivery of safety information to
aircraft cockpits, and
o a mechanism for future air-to-air exchange of position data which
will dramatically enhance pilot situational awareness.
ITT brings more than 60 years of experience in providing civil and military air
traffic control (ATC) systems, technology and support, including supplying GPS
technology for ATC since the 1980s. Every GPS satellite launched features an ITT
navigation payload.
For more information on the ITT ADS-B Team and access to imagery, go to:
www.itt.com/adsb
For more information on the FAA's NextGen, go to: http://www.adsb.gov
About ITT Corporation
ITT Corporation (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
electronic components market with a wide range of products. Headquartered in
White Plains, NY, the company generated $7.8 billion in 2006 sales.
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