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 revenue will be international. Gretchen W. McClain, president of ITT’s fluid and motion control business, becomes CEO of the new water business. Its chairman is Steven R. Loranger, former conglomerate chairman and CEO. ITT also spun off its military technology business but is keeping the industrial products unit. The water company’s new corporate name was not disclosed. ITT expects to complete the breakup “before the end of the year,” according to industry sources.
ITT Corp. Spins Off Water Unit Into New Stand-Alone Business
January 19, 2011