ITT receives $44.9 million contract to upgrade Sweden's air defense radar

WHITE PLAINS, N.Y., June 25, 2008 – ITT Corporation (NYSE: ITT) has signed a $44.9 million contract with the Swedish Defence Material Administration (FMV) for the Reliability and Modification (REMO) upgrade of their PS-870 coastal/gapfiller radar systems.

The REMO 870 program contract, signed on May 30, will upgrade the radars with state-of-the-art processing, transmitter, antenna and display technologies, using commercial off-the-shelf equipment, resulting in improved reliability and autonomous operation. This work is a key component in modernizing Sweden's national air defense program.

Additional options could bring the total contract value to greater than $58 million. This contract award follows a successful series of earlier contracts, valued at more than $2 million that provided FMV with the systems engineering design requirements for the upgraded radar system.

"This is a key program for both ITT and FMV," said Chris Bernhardt, president of ITT's Electronic Systems division. "It provides FMV with key technology upgrades to further strengthen their air defense networks and represents a launch customer for ITT's new LCR2020 coastal/gapfiller radar systems, a proven solution for simultaneous air and sea surveillance."

The work will be performed at ITT Electronic Systems, Radar Systems in Van Nuys, Calif.

The PS-870 radar system, first delivered to Sweden in the 1980s, is a key component in modernizing the country's national air defense program. The PS-870, known commercially as the LCR (Land-based Coastal Radar) is a coastal/gapfiller radar system that automatically detects and tracks both surface and airborne targets in cluttered environments.

About ITT Corporation

ITT Corporation (www.itt.com) is a diversified high-technology engineering and manufacturing company dedicated to creating more livable environments, enabling communications and providing protection and safety. The company plays an important role in vital markets including water and fluids management, global defense and security, and motion and flow control. ITT employs approximately 40,000 people serving customers in more than 50 countries. Headquartered in White Plains, N.Y., the company generated $9 billion in 2007 sales.

Contact:

Thomas Scalera
tel +1 914 641 2030
thomas.scalera@itt.com