ITT Corp., White Plains, N.Y., announced Jan. 12 that a new global water technology firm is one of three stand-alone companies to be formed in breaking up the former conglomerate. The new company will have $3.6 billion in “pro forma” revenue, says ITT, which had been one of the world’s largest suppliers of water pumps. The new business will combine former ITT units in residential and commercial water markets, flow control and water and wastewater treatment and analytics, says the conglomerate. “The portfolio will span the transport, testing and treatment of water,” explains ITT, which says 55% of the spinoff’s
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.