ITT Corporation has completed the previously announced spinoffs of its defence and information solutions business and its Water Technology and Services business. With the spinoffs complete, ITT is now a $2 billion company with four businesses that deliver highly engineered and customised products and services to the industrial, aerospace, transportation, and oil and gas industries.

“ITT’s businesses are focused on providing reliable and durable technologies for customers across balanced end markets and geographies, and our global portfolio is highly aligned with the global macro trends that will drive premier growth,” said Denise Ramos, Chief Executive Officer and President. As a standalone company, ITT is now better positioned to focus on the key drivers that are specific to its businesses and that will accelerate growth, including a strong global footprint and profitable aftermarket business; commitment to innovation, customer service and operational excellence; and focus on capital deployment that fuels growth both organically and through targeted acquisitions.

In addition, a 1:2 reverse stock split for ITT will become effective in which every two common shares of ITT will be converted into one common share of ITT. As a result, ITT will have approximately 92.5 million common shares outstanding after the reverse stock split.