Investor News
ITT Corporation to acquire Dolphin Technology, Inc.
White Plains, N.Y. - August 27, 2007 - ITT Corporation today announced it has agreed to acquire Dolphin Technology, Inc., a privately-held company. Dolphin is a leader in the development of information assurance technologies that enable secure networks for military, intelligence and law enforcement customers. The acquisition significantly enhances ITT's portfolio in the cyber technology and intelligence markets. The transaction is subject to standard closing conditions and is expected to close in the third quarter.
"This acquisition positions ITT to compete for a number of new programs, including those in the intelligence community and cyber forensics," said Steve Gaffney, President of ITT Defense Electronics & Services. "ITT's current information security programs are strong. With Dolphin, our combined expertise in research, development and operation of secure information sharing systems ensures that we will be able to best serve the growing technology needs of our customers." Dolphin Technology is based in Rome, N.Y., and employs 100 people. It recorded approximately $15M in sales in 2006.
About ITT Corporation
ITT Corporation (www.itt.com) supplies advanced technology products and services in several growth markets. 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. ITT is a global leader in the transport, treatment and control of water, wastewater and other fluids. 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 and Frankfurt exchanges.
Contact:
Peter Milligantel +1 914 641 2030
