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Encyclopedia > ITT Corporation
ITT Corporation
Type Public (NYSE: ITT)
Founded 1920[1]
Headquarters White Plains, NY
Industry Defense
Website www.itt.com

ITT Corporation, NYSEITT is a large American manufacturing company with 2006 revenues of $7.8 billion. ITT is a leading U.S. defense contractor and the world's largest supplier of equipment to move and treat water and wastewater. ITT can mean: ITT Corporation, a large conglomerate Individual time trial, a racing term ITT Technical Institute Institute of Technology, Tallaght Institute of Technology, Tralee ITT (network), a television network in Trinidad and Tobago I think that or in this thread, see Internet slang Intent to treat population, medical analysis... Image File history File links No higher resolution available. ... This article does not cite any references or sources. ... New York Stock Exchange (June 2003) The New York Stock Exchange (NYSE) is one of the largest stock exchanges in the world. ... 1920 (MCMXX) was a leap year starting on Thursday. ... White Plains is a city located in Westchester County, New York. ... A defense contractor (sometimes called a military contractor) is a business organization or individual that provides products or services to a defense department of a government. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos and other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ...


The company was incorporated in 1920 as International Telephone & Telegraph. During the 1960s and 1970s, under the leadership of then-CEO Harold Geneen the company rose to prominence as the archetypal conglomerate, deriving its growth from hundreds of acquisitions in diversified industries. ITT divested its telecommunications assets in 1986, and in 1995 spun-off its non-manufacturing divisions. Between 1996 and 2006, the company was known as ITT Industries, Inc. Harold Sydney Geneen (January 22, 1910-November 21, 1997), was an outstanding American businessman. ... Conglomerate is the term used to describe a large company which consists of divisions of often seemingly unrelated businesses. ...

Contents

History

ITT was formed in 1920, as the Puerto Rico Telephone Company by Sosthenes Behn.[2] Its first major expansion was in 1923 when it consolidated the Spanish Telecoms market into what is now Telefónica.[3] From 1922 to 1925 it purchased a number of European telephone companies. In 1925 it purchased Bell Telephone Manufacturing company in Belgium, which was formerly affiliated with AT&T. In the 1930s, ITT grew through purchasing German electronic companies Standard Elektrizitaetsgesellschaft and Mix & Genest, both of which were internationally active companies. The Puerto Rico Telephone Company (PRTC), also known as Puerto Rico Telephone (PRT), is the largest telecommunications services company located in San Juan, Puerto Rico which has operated for many decades offering voice, data, long distance, broadband, directory publishing and wireless services for the island residents and businesses. ... Sosthenes Behn (1882 - 1957) Born in the Danish East Indies (St. ... Telefónica, S.A., (IBEX-35:TEF, Euronext: TEF, NYSE: TEF, LSE: TDE, FWB: TEF, TYO: 9481 ) is a Spanish telecommunications company. ... AT&T Inc. ...


Nazi involvement

According to Anthony Sampson's book "The Sovereign State of ITT," one of the first American businessmen Hitler received after taking power in 1933 was Sosthenes Behn, then the CEO of ITT and his German representative, Henry Mann. Antony C. Sutton, in his book "Wall Street and the Rise of Hitler", makes the claim that ITT subsidiaries made cash payments to S.S. leader Heinrich Himmler. The Sovereign State of ITT (1973) by Anthony Sampson, uses the example of ITT (International Telephone and Telegraph) to make a broader point about the weakening of the authority of traditional national governments by the multinational corporations. ... Sosthenes Behn (1882 - 1957) Born in the Danish East Indies (St. ... Wikipedia does not have an article with this exact name. ... Heinrich Luitpold Himmler ( ; 7 October 1900–23 May 1945) was the commander of the Schutzstaffel (SS) and one of the most powerful men in Nazi Germany by being second in power to Adolf Hitler in the Nazi hierarchy. ...


ITT, through its subsidiary The Lorenz Company, owned 25% of Focke-Wulf, the German aircraft manufacturer, builder of some of the most successful Luftwaffe fighter aircraft. In addition, Sutton’s book uncovers that ITT owned Huth and Company, G.m.b.H. of Berlin, which made radio and radar parts that were used in equipment going to the German Armed Forces. Focke-Wulf Flugzeugbau AG was a German manufacturer of military aircraft used by the Luftwaffe during World War II. Many of the companys successful fighter aircraft designs were slight modifications of the Focke-Wulf Fw 190. ... The Deutsche Luftwaffe or   (German: air force, literally Air Weapon, pronounced lufft-va-fa, IPA: ) is the commonly used term for the German air force. ... An A-10 Thunderbolt II, F-86 Sabre, P-38 Lightning and P-51 Mustang fly in formation during an air show at Langley Air Force Base, Virginia. ... This article is about the capital of Germany. ... For other uses, see Radar (disambiguation). ... The Bundeswehr ( â–¶ (help· info)) is the armed forces of Germany and its administration. ...


Post-war

In 1951, ITT purchased Philo Farnsworth's television company to break into the market. At that time Farnsworth was also developing the Fusor. Also in 1951, ITT bought a majority interest in the Kellogg Switchboard & Supply company (founded in 1897 as a pioneer in "divided-multiple" telephone switchboards) and bought the remaining shares the next year. ITT changed the name to ITT Kellogg. After merging Federal Telephone and Radio Corporation into ITT Kellogg and combining manufacturing operations the name was changed again to ITT Telecommunications. Philo Taylor Farnsworth (August 19, 1906 – March 11, 1971) was an American inventor. ... U.S. Patent 3,386,883 - fusor — June 4, 1968 The Farnsworth–Hirsch Fusor, or simply fusor, is an apparatus designed by Philo T. Farnsworth to create nuclear fusion. ... This article does not cite any references or sources. ... Telephone switchboard, 1974 A switchboard (also called a manual branch exchange) is a device used to manually connect a group of telephones from one to another or to an outside connection. ...


International telecommunications

International telecommunications manufacturing subsidiaries included STC in Britain, SEL in Germany, BTM in Belgium, and CGCT and LMT in France. Alec Reeves discovered Pulse-code modulation (PCM), upon which all future digital voice communication was based. These companies manufactured equipment according to ITT designs including the (1960s) Pentaconta crossbar switch and (1970s) Metaconta D, L and 10c Stored Program Control exchanges, mostly for sale to their respective national telephone administrations. This equipment was also produced under license in Poznan (Poland), in Yugoslavia, and elsewhere. ITT was the largest owner of the LM Ericsson company in Sweden but sold out in 1960. Alec Reeves was one the 20th Centurys greatest, but least conventional, scientists. ... Pulse-code modulation (PCM) is a digital representation of an analog signal where the magnitude of the signal is sampled regularly at uniform intervals, then quantized to a series of symbols in a digital (usually binary) code. ... A crossbar switch is one of the principal architectures used to construct switches of many types. ... Stored Program Control exchange (SPC) is the technical name used for telephone exchanges controlled by a program stored in the memory of the system. ... Ericsson () NASDAQ: ERIC. Founded in 1876, Ericsson is a leading provider of communications networks, related services and handset technology platforms. ...


Harold Geneen appointment

In 1959 Harold Geneen was elected as CEO. Using leveraged buyouts, he turned the minor building of the 1950s into a major force during the 1960s. In 1963, ITT attempted to purchase the television network ABC for $700 million. The deal was halted by federal antitrust regulators who feared ITT was growing too large. In order to continue growing while not running afoul of antitrust legislation, it moved to acquire companies outside of the telecommunications industry. Under Geneen, ITT bought over 300 companies in the 1960s, including some hostile takeovers. The deals included well-known businesses like the Sheraton Hotel chain, Wonder Bread maker Continental Baking, The Hartford insurance company, and Avis Rent-a-Car. ITT also absorbed smaller operations in auto parts, energy, books, semiconductors and cosmetics. In 1966, ITT acquired Educational Services, Inc., an operator of for-profit schools, which became ITT/ESI. Harold Sydney Geneen (January 22, 1910-November 21, 1997), was an outstanding American businessman. ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... A leveraged buyout (or LBO, or highly-leveraged transaction (HLT), or bootstrap transaction) occurs when a financial sponsor gains control of a majority of a target companys equity through the use of borrowed money or debt. ... The American Broadcasting Company (ABC) operates television and radio networks in the United States and is also shown on basic cable in Canada. ... This article is about anti-competitive business behavior. ... Hostile takeover can refer to: For the business usage see takeover. ... Sheraton Hotels and Resorts is Starwood Hotels & Resorts largest and second oldest brand (Westin is the oldest). ... Products with the new Wonder Bread logo Old Wonder Bread Logo Wonder Bread (Canadian packaging) Wonder Bread slices (Canadian packaging) Wonder Bread is a North American brand of extremely soft white bread. ... Interstate Bakeries Corporation (IBC) NYSE: IBCIQ is the largest wholesale baker and distributor of fresh bakery products in the United States, and is the owner of the Hostess, Wonder Bread, Dolly Madison, Butternut Breads, and Drakes brands. ... {{Infobox_Company | | company_name = The Hartford | | company_logo = | | company_type = Public (NYSE: HIG)| | company_slogan = | foundation = Hartford, USA ([[1810])| | location = Hartford, USA| | key_people = Ramani Ayer, CEO & Chairman| | num_employees = 30,000 (2006)| | industry = Insurance & Finance| | revenue = $28. ... Avis Rent A Car System Inc. ...


ITT's sales grew from about $700 million in 1960 to about $8 billion in 1970, and its profit from $29 million to $550 million. However, when the higher interest rates started eating away at profits in the late 1960s, ITT's growth slowed considerably.


In the late 1960s, the British electronics manufacturer Kolster-Brandes, KB for short, had run into trouble with its color television manufacturing, and turned to ITT for help; ITT bought out the company, and for a while, U.K. products were badged "ITT KB" then eventually just ITT. By the late 1970s, ITT had a good presence on the U.K. domestic electrical market in television, audio and portable radio products.


In 1970 ITT owned of 70% of Chitelco, the Chilean Telephone Company and funded El Mercurio, a Chilean right-wing newspaper. Declassified documents released by the CIA in 2000 suggest that ITT financially helped opponents of Salvador Allende's government prepare a military coup (National Security Archives). On September 28, 1973, ITT's headquarters in New York City, New York, was bombed by protesters for alleged involvement in the overthrow of the democratically elected and emerging socialist government in Chile. El Mercurio is a conservative Chilean newspaper with editions in Valparaíso and Santiago. ... “Right wing” redirects here. ... The CIA Seal The Central Intelligence Agency (CIA) is an American intelligence agency, responsible for obtaining and analyzing information about foreign governments, corporations, and individuals, and reporting such information to the various branches of the U.S. Government. ... Salvador Allende Gossens[1] (July 26, 1908 – September 11, 1973) was President of Chile from November 1970 until his suicide during the coup détat of September 11, 1973. ... A coup détat, or simply a coup, is the sudden overthrow of a government, usually done by a small group that just replaces the top power figures. ... is the 271st day of the year (272nd in leap years) in the Gregorian calendar. ... For the song by James Blunt, see 1973 (song). ... New York, New York redirects here. ...


In 1972 newspaper columnist Jack Anderson disclosed a memo of ITT's Washington lobbyist, Dita Beard, which revealed a relationship between ITT's providing funds for the Republican National Convention and a Justice Department settlement of an antitrust suit favorable to ITT.[4] jack donald anderson (september 156, 1995 and wasted himself with a gun; december19, 1999) was an American newspaper columnist and is considered one of the fathers of modern investigative journalism. ... This article does not cite any references or sources. ... The Robert F. Kennedy Department of Justice Building in Washington, D.C. “Justice Department” redirects here. ...


Geneen remained CEO of ITT until 1977 while many conglomerates had removed their CEOs due to lack of profits. His successor, Rand Araskog, dismantled much of ITT, selling most of its holdings, including the last of ITT's telecommunications businesses. Rand Vincent Araskog (born Octoder 31, 1931) is a prominent U.S. businessman and an ex-CEO of ITT Corporation. ...


The business historian Robert Sobel published ITT: The Management of Opportunity in 1982. Robert Sobel in a promotional photo for his publisher. ...


The song "International Thief Thief" by Fela Kuti documents the alleged corruption and meddling of the company in Nigerian politics. Fela Anikulapo Kuti (born Olufela Olusegun Oludotun Ransome-Kuti, October 15, 1938 - August 2, 1997), or simply Fela, was a Nigerian multi-instrumentalist musician and composer, pioneer of Afrobeat music, human rights activist, and political maverick. ...


Breakup

In 1989, ITT sold all international telecommunications products business to Alcatel, now Alcatel-Lucent. ITT Kellogg was also part of the 1989 sale to Alcatel. The company was then sold to private investors in the U.S. and went by the name Cortelco Kellogg. Today the company is known as Cortelco (Corinth Telecommunications Corporation, named for Corinth, MS headquarters). ITT Educational Services, Inc. (ESI) was spun off through an IPO in 1994, with ITT as an 83% shareholder. ITT merged its long distance division with Metromedia Long Distance, creating Metromedia-ITT. Metromedia-ITT would eventually be acquired by Long Distance Discount Services, Inc. (LDDS) in 1993. LDDS would later change its name to Worldcom in 1995. Alcatel Lucent (or Alcatel-Lucent according to some sources) is the name of the new company formed after the merge agreement signed by Alcatel and Lucent Technologies. ... ITT Corporation, NYSE: ITT is a large American manufacturing company. ... Corinth is a city located in Alcorn County, Mississippi. ... ITT Technical Institute (often shortened to ITT Tech) is a private, for-profit, nationally accredited technical institute with over 85 campuses in over 30 states of the United States. ... Wikipedia does not yet have an article with this exact name. ... 1970s logo for WTCN-TV (now KARE) in Minneapolis, which included the corporate logo for Metromedia; this logo was also used by KTTV in Los Angeles Metromedia Producers Corporation logo Metromedia (also often MetroMedia) was a media company that owned radio and television stations in the United States from 1956... For a time, WorldCom (WCOM) was the United States second largest long distance phone company (AT&T was the largest). ...


In 1995, ITT Corporation split into 3 separate public companies:

  • ITT Corp. — In 1997, ITT Corp. completed a merger with Starwood Hotels & Resorts Worldwide, selling off its non-hotel and resorts business. By 1999, ITT completely divested from ITT/ESI; however, the schools still operate as ITT Technical Institute using the ITT name under license.[1] Also in 1999, ITT Corp. dropped the ITT name in favor of Starwood.[2]
  • ITT Hartford (insurance) — Today ITT Hartford is still a major insurance company although it has dropped the ITT from its name altogether. The company is now known as The Hartford Financial Services Group, Inc.
  • ITT Industries — ITT operated under this name until 2006 and is a major manufacturing and defense contractor businesses.
    • On July 1, 2006, ITT Industries changed its name to ITT Corporation as a result of its shareholders vote on May 9, 2006.

“Starwood” redirects here. ... ITT Technical Institute (often shortened to ITT Tech) is a private, for-profit, nationally accredited technical institute with over 85 campuses in over 30 states of the United States. ... {{Infobox_Company | | company_name = The Hartford | | company_logo = | | company_type = Public (NYSE: HIG)| | company_slogan = | foundation = Hartford, USA ([[1810])| | location = Hartford, USA| | key_people = Ramani Ayer, CEO & Chairman| | num_employees = 30,000 (2006)| | industry = Insurance & Finance| | revenue = $28. ... A defense contractor (sometimes called a military contractor) is a business organization or individual that provides products or services to a defense department of a government. ... is the 182nd day of the year (183rd in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 129th day of the year (130th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ...

Criminal prosecution

In March of 2007, ITT Corporation became the first major defense contractor to be convicted for criminal violation of the Arms Export Control Act. The fines resulted from ITT's outsourcing program, in which they transferred night vision goggles and classified information about countermeasures against laser weapons, including light interference filters to engineers in Singapore, the People's Republic of China, and the United Kingdom. [5] They were fined $100 million US dollars, although they were also given the option of spending half of that sum on research and development of new night vision technology. The United States government will assume rights to the resulting created intellectual property. [6] In criminology, corporate crime refers to crimes either committed by a corporation, i. ... The Arms Export Control Act requires governments that receive weapons from the United States to use them for legitimate self-defense. ... Outsourcing became part of the business lexicon during the 1980s and refers to the delegation of non-core operations from internal production to an external entity specializing in the management of that operation. ... Experimental night vision goggles. ... It has been suggested that Information sensitivity be merged into this article or section. ... RNAFs F-16, firing countermeasures (flares) during a solo display at Radom Air Show 2005 A countermeasure is a system (usually for a military application) designed to prevent sensor-based weapons from acquiring and/or destroying a target. ... // The benefits of lasers in various applications stems from their properties such as coherency, high monochromaticity, and ability to reach extremely high powers. ... The United States dollar is the official currency of the United States. ... The phrase research and development (also R and D or R&D) has a special commercial significance apart from its conventional coupling of scientific research and technological development. ...


In its investigation and subsequent ruling the DOJ found that the corporation went to significant lengths to circumvent rules regarding the exports including setting up a front corporation. According to U.S. Attorney John Brownlee the company fought the investigation in order "to essentially run out the clock on the statute of limitations." [7] The Robert F. Kennedy Department of Justice Building in Washington, D.C. “Justice Department” redirects here. ... United States Attorneys represent the U.S. federal government in United States district court. ...


Headquarters

  • 1330 Avenue of the Americas in New York City, New York which was ITT's corporate headquarters prior to its merger with Starwood Hotels & Resorts was originally owned by the ABC Television Network which ITT attempted to acquire in 1963. After a financial downturn, ABC moved out of the building traditionally known as "Brown Rock" and sold it to a Japanese conglomerate which then in turn leased a good portion out to ITT Corporation.

The American Broadcasting Company (ABC) operates television and radio networks in the United States and is also shown on basic cable in Canada. ...

Further reading

  • Sobel, Robert (1982). ITT: The Management of Opportunity. New York: Times Books. ISBN 99925-2-968-7. 
  • Sobel, Robert (1999). The Rise and Fall of the Conglomerate Kings. New York: Beard Books. ISBN 1-89312-247-6. 
  • Sampson, Anthony (1972). The Sovereign State—The Secret History of ITT. London: Hodder and Stoughton. ISBN 0-340-17195-2. 
  • Sutton, Anthony (1996). Wall Street & the Rise of Hitler. New York: Buccaneer Books. ISBN 1-56849-726-1. 
  • Araskog, Rand (2000). The ITT Wars: An Insider's View of Hostile Takeovers. New York: Beard Books. ISBN 1-89312-238-7. 

External links

Notes

  1. ^ The company currently named ITT Corporation incorporated in Indiana in 1995 as ITT Industries, Inc., the successor corporation of ITT Corporation, which was first incorporated in 1920 as International Telephone & Telegraph, and in 1983 changed its name to ITT Corporation. In 2006, ITT Industries, Inc. changed its name back to ITT Corporation. The company bearing the name ITT Corporation between 1996 and 1998, was a spin-off of the original ITT Corporation (but not its successor corporation), and was originally named ITT Destinations; it was acquired by Starwood Hotels & Resorts in 1998.
  2. ^ Puerto Rico Telephone Company
  3. ^ Sampson,Anthony:The Sovereign State of ITT, Hodder and Stoughton, 1973
  4. ^ http://www.trivia-library.com/a/united-states-and-american-history-1972.htm
  5. ^ http://biz.yahoo.com/ap/070327/itt_fine.html?.v=3 "ITT Fined $100M for Illegal Tech Exports" Tuesday March 27, 8:44 pm ET; Sue Lindsey, Associated Press Writer
  6. ^ http://www.theregister.co.uk/2007/03/27/itt_fined_for_illegal_exports/ "ITT Fined for Illegal Exports" Tuesday March 27, The Register; Drew Cullen
  7. ^ http://money.cnn.com/2007/03/27/news/international/itt_export/index.htm?postversion=2007032713

  Results from FactBites:
 
ITT Corporation - Wikipedia, the free encyclopedia (894 words)
ITT Corporation, originally International Telephone and Telegraph, was a large conglomerate that owned a variety of businesses during the 1960s under Harold Geneen.
In the 1970s ITT was forced to sell off the majority of its holdings and became a shell of its 1960s glory.
On September 28, 1973, ITT's headquarters in New York City, New York was bombed by protesters for alleged involvement in the overthrow of the democratically elected government in Chile.
  More results at FactBites »

 
 

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