ITT Corporation

ITT Corporation is a global engineering and manufacturing company with leading positions in the markets it serves, generating 2005 sales of $7.0 billion. ITT is the world's premier supplier of pumps, systems and services to move, control and treat water and other fluids. The company is a major supplier of sophisticated military defense systems, and provides advanced technical and operational services to a broad range of government agencies. ITT also produces electrical connectors, used in telecommunications, computing, aerospace and industrial applications. Further, ITT makes industrial components for a number of other markets, including transportation, construction and aerospace. Based in White Plains, New York, ITT employs approximately 40,000 people around the world.

In addition to the New York Stock Exchange, ITT's common stock is traded on the NYSE Arca, Paris, London, and Frankfurt exchanges.  The Company reports its financial results under four reporting segments: Defense Electronics & Services, Fluid Technology, Motion & Flow Control and Electronic Components. The four segments highlight the diversity and balance of the Company's portfolio, and better reflect each of the businesses that will be going forward.

Defense Electronics & Services

The businesses in this segment are those that directly serve the military and government agencies with products and services. These include air traffic control systems, jamming devices that guard military planes against radar-guided weapons, digital combat radios, night vision devices and satellite instruments. Approximately 44 percent of the sales in this segment are generated through contracts for technical and support services which the company provides for the military and other government agencies. The Defense Electronics & Services segment represents approximately 46 percent of the Company's sales and approximately 44 percent of segment operating income.

Fluid Technology

This segment contains ITT's pump businesses, including brands such as Flygt, Goulds, Bell & Gossett, A-C Pump, Lowara and Vogel, making ITT the world's largest pump producer, and a leading provider of water treatment equipment under brands like Sanitaire, Aquious and WEDECO. Businesses within this segment also supply mixers, heat exchangers and related products. This segment represents approximately 40 percent of the Company's sales and approximately 39 percent of segment operating income.

Motion & Flow Control

Businesses in the Motion & Flow Control segment produce switch applications for industrial and aerospace, products for the marine and leisure markets, fluid handling materials such as stainless steel and flexible tubing for various industrial markets, and specialty shock absorbers and brake friction materials for the transportation industry. This segment represents approximately 9 percent of ITT's sales and approximately 15 percent of segment operating income.

Electronic Components

This business consists of electrical connectors used in telecommunications, computing, aerospace and industrial applications. The Electronic Components segment represents about 5 percent of the Company's sales and 2 percent of segment operating income.