The ITT Corporation, once a behemoth in the world of technology and manufacturing, has undergone significant transformations over the years. For those who have followed the company’s journey, the question of whether ITT is still in business is a valid one. In this article, we will delve into the history of ITT, its evolution, and its current status, providing readers with a comprehensive understanding of this iconic company.
A Brief History of ITT Corporation
ITT Corporation was founded in 1920 by Sosthenes Behn and his brother Hernand. Initially, the company focused on the manufacturing of telephone equipment, but it quickly expanded its operations to include a diverse range of products and services. Throughout the 20th century, ITT grew through strategic acquisitions and innovations, becoming one of the largest and most influential companies in the world.
Expansion and Diversification
During its heyday, ITT was involved in various sectors, including defense, aerospace, electronics, and even hospitality. The company’s portfolio included brands such as Sheraton Hotels, Avis Rent a Car, and Continental Baking, among others. ITT’s diversification strategy allowed it to weather economic storms and maintain its position as a market leader. However, this diversification also led to complexity and inefficiencies, which would eventually contribute to the company’s downfall.
Challenges and Restructuring
In the 1990s, ITT began to face significant challenges, including increased competition, declining profitability, and a massive debt burden. In response, the company underwent a major restructuring effort, selling off non-core assets and focusing on its core businesses. Despite these efforts, ITT continued to struggle, and in 2011, the company announced a plan to split into three separate entities: ITT Corporation, Xylem Inc., and ITT Exelis Inc.
The Split and Its Aftermath
The split marked a significant turning point in ITT’s history. Xylem Inc. focused on water technology, while ITT Exelis Inc. concentrated on defense and aerospace. ITT Corporation, the remaining entity, continued to operate in the industrial sector, providing solutions for industries such as oil and gas, chemical, and power generation.
ITT Corporation Today
So, is ITT still in business? The answer is yes, but in a much different form than its former self. ITT Corporation, now a smaller and more focused company, operates as a leading manufacturer of highly engineered components and customized technology solutions. The company’s product portfolio includes industrial pumps, valves, and controls, as well as connectors and switches for the aerospace and defense industries.
Key Areas of Focus
ITT Corporation’s current strategy is centered around several key areas, including:
| Segment | Description |
|---|---|
| Industrial Process | Provides pumps, valves, and controls for the oil and gas, chemical, and power generation industries |
| Motion Technologies | Offers a range of products, including brakes, friction materials, and actuators for the automotive and industrial markets |
| Connect and Control Technologies | Delivers connectors, switches, and other components for the aerospace and defense industries |
Conclusion and Future Outlook
In conclusion, while ITT Corporation is still in business, it is a vastly different company from the conglomerate it once was. Through its restructuring efforts, ITT has streamlined its operations and focused on its core competencies. As the company looks to the future, it is well-positioned to capitalize on trends such as digitalization, sustainability, and the increasing demand for advanced technologies.
Final Thoughts
As we reflect on ITT’s journey, it is clear that the company’s history is a testament to the importance of adaptability and resilience in the face of changing market conditions. While ITT may not be the dominant force it once was, its legacy continues to shape the industries it operates in, and its commitment to innovation and customer satisfaction remains unwavering. As the company continues to evolve and grow, one thing is certain: ITT Corporation will remain a relevant and influential player in the world of technology and manufacturing for years to come.
A New Era for ITT
As ITT embarks on this new era, it is essential for the company to stay focused on its core values and mission. By doing so, ITT can continue to deliver value to its customers, shareholders, and employees, while also making a positive impact on the communities it serves. With its rich history, diverse product portfolio, and commitment to innovation, ITT Corporation is poised to thrive in an ever-changing business landscape.
What happened to ITT Corporation?
ITT Corporation, once a legendary company, has undergone significant transformations over the years. In 2011, the company split into three separate entities: ITT Corporation, Xylem Inc., and ITT Exelis. This split was intended to create more focused and agile companies, each with its own distinct business strategy. As a result, the original ITT Corporation ceased to exist as a single entity, and its components were rebranded and reorganized.
The remnants of the original ITT Corporation continue to operate under different names and structures. Xylem Inc. focuses on water technology, while ITT Inc. (formerly ITT Corporation) concentrates on manufacturing and technology. ITT Exelis, on the other hand, merged with Harris Corporation in 2015 to form Harris Exelis, and later became part of L3Harris Technologies in 2019. Despite the changes, the legacy of ITT Corporation lives on through its successor companies, which continue to innovate and provide essential products and services to various industries.
Is ITT still in business as a single entity?
No, ITT Corporation is no longer in business as a single entity. The company’s decision to split into three separate entities marked the end of its existence as a unified organization. However, the resulting companies have continued to operate and thrive in their respective markets. ITT Inc., Xylem Inc., and the merged entity of ITT Exelis (now part of L3Harris Technologies) have each established their own identities and business strategies, allowing them to adapt to changing market conditions and customer needs.
As the successor companies have evolved, they have maintained some connections to the original ITT Corporation’s legacy. For example, ITT Inc. still produces products that were originally developed by ITT Corporation, such as pumps, valves, and other engineering solutions. Similarly, Xylem Inc. has continued to innovate in the water technology sector, building on the foundation laid by ITT Corporation’s water-related businesses. Despite the changes, the spirit of innovation and customer focus that defined ITT Corporation continues to influence its successor companies.
What products and services do ITT’s successor companies offer?
ITT Inc., one of the successor companies, offers a wide range of products and services, including pumps, valves, switches, and other engineering solutions. The company’s products are used in various industries, such as oil and gas, chemical processing, and wastewater treatment. Xylem Inc., another successor company, focuses on water technology, providing solutions for water and wastewater treatment, as well as transport and dewatering. L3Harris Technologies, which acquired ITT Exelis, offers a broad portfolio of products and services, including defense and aerospace solutions, communication systems, and electronic systems.
The products and services offered by ITT’s successor companies reflect the diversity and innovation that characterized the original ITT Corporation. By focusing on specific markets and industries, these companies have been able to develop targeted solutions that meet the evolving needs of their customers. Whether it’s providing critical components for industrial processes or developing advanced technologies for the defense sector, the successor companies to ITT Corporation continue to build on the legacy of innovation and customer focus that defined the original company.
Can I still purchase ITT products or services?
Yes, you can still purchase products or services from ITT’s successor companies. ITT Inc., Xylem Inc., and L3Harris Technologies each have their own sales channels and customer support networks, allowing customers to access their respective products and services. For example, ITT Inc. offers a range of products through its website and authorized distributors, while Xylem Inc. provides water technology solutions through its global network of sales and service offices. L3Harris Technologies also offers its products and services through various sales channels, including its website and authorized partners.
To purchase products or services from ITT’s successor companies, customers can visit the respective company websites or contact their local sales offices. Many of these companies also participate in industry trade shows and events, providing opportunities for customers to learn more about their products and services. Additionally, some companies may offer online configurators or product selectors, allowing customers to easily find and purchase the products they need. By providing convenient and accessible sales channels, ITT’s successor companies continue to support customers and deliver the high-quality products and services that the original ITT Corporation was known for.
What is the current status of ITT’s legacy brands?
Many of ITT’s legacy brands continue to be used by its successor companies, although some have been rebranded or consolidated over time. For example, ITT Inc. still uses the ITT brand for many of its products, including pumps, valves, and switches. Xylem Inc. has also retained some of the original ITT brand names, such as Flygt and Goulds Water Technology, which are still recognized and respected in the water technology industry. L3Harris Technologies, on the other hand, has largely phased out the ITT Exelis brand, replacing it with the L3Harris brand.
Despite some changes to the branding, the legacy of ITT Corporation’s brands continues to be felt in the industries they serve. Many of the original brands are still synonymous with quality, innovation, and reliability, and are trusted by customers around the world. By retaining and building on these legacy brands, ITT’s successor companies have been able to leverage the goodwill and reputation established by the original company, while also introducing new products and services that meet the evolving needs of their customers. This blend of tradition and innovation has helped to ensure the continued success of ITT’s successor companies.
How have ITT’s successor companies performed financially?
ITT’s successor companies have generally performed well financially, with each company establishing itself as a leader in its respective market. ITT Inc., for example, has reported steady revenue growth and expanding profit margins, driven by its focus on engineering solutions and industrial products. Xylem Inc. has also delivered strong financial performance, with revenue growth driven by its water technology solutions and a global presence. L3Harris Technologies, which acquired ITT Exelis, has reported significant revenue growth and improving profitability, driven by its diversified portfolio of defense and aerospace products and services.
The financial performance of ITT’s successor companies reflects their ability to adapt to changing market conditions and customer needs. By focusing on specific markets and industries, these companies have been able to develop targeted solutions that meet the evolving needs of their customers. Additionally, the companies have invested in research and development, allowing them to stay at the forefront of innovation and technology. As a result, ITT’s successor companies have been able to deliver long-term value to their shareholders, while also building on the legacy of the original ITT Corporation.
What is the future outlook for ITT’s successor companies?
The future outlook for ITT’s successor companies is generally positive, with each company well-positioned to capitalize on growth opportunities in its respective market. ITT Inc. is expected to continue growing its revenue and profitability, driven by its focus on engineering solutions and industrial products. Xylem Inc. is also expected to deliver strong growth, driven by its water technology solutions and a growing global presence. L3Harris Technologies is expected to continue benefiting from its diversified portfolio of defense and aerospace products and services, as well as its strong research and development capabilities.
As ITT’s successor companies look to the future, they are likely to focus on continued innovation and expansion into new markets. This may involve investing in new technologies, such as digitalization and the Internet of Things (IoT), as well as developing new products and services that meet the evolving needs of their customers. By building on the legacy of ITT Corporation and leveraging their respective strengths, the successor companies are well-positioned to deliver long-term value to their shareholders and customers, while also making a positive impact on the industries they serve.