WHITE PLAINS, N.Y., May 12, 2009 — ITT Corporation (NYSE: ITT) Chairman, President and Chief Executive Officer Steve Loranger today told shareholders the company achieved record revenue and income in 2008 on the strength of a balanced portfolio and has taken appropriate actions to address the current economic environment. Loranger delivered his remarks at the annual meeting of ITT's shareholders at the company's worldwide headquarters in White Plains, N.Y.
"We have great confidence in our ability to continue our track record of success over the long-term," said Loranger. "While our attention is squarely focused on the current economic challenges, we believe we have the right portfolio, the best employees, and an effective strategy for winning in this economy and over the long haul."
In other business, shareholders elected all ten members of ITT Corporation's Board of Directors and ratified Deloitte & Touche LLP as the company's independent registered public accounting firm for 2009.
ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company generated 2008 sales of $11.7 billion. www.itt.com
Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 ("the Act"). These forward-looking statements include statements that describe the Company's business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. Whenever used, words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target" and other terms of similar meaning are intended to identify such forward-looking statements. Forward-looking statements are uncertain and to some extent unpredictable, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in, or implied from, such forward-looking statements. Factors that could cause results to differ materially from those anticipated include: Economic, political and social conditions in the countries in which we conduct our businesses; Changes in government defense budgets; Decline in consumer spending; Sales and revenues mix and pricing levels; Availability of adequate labor, commodities, supplies and raw materials; Interest and foreign currency exchange rate fluctuations; Competition and industry capacity and production rates; Ability of third parties, including our commercial partners, financial institutions and insurers, to comply with their commitments to us; Our ability to borrow or refinance our existing indebtedness and availability of liquidity sufficient to meet our needs; Acquisitions or divestitures; Personal injury claims; Our ability to effect restructuring and cost reduction programs and realize savings from such actions; Government regulations and compliance therewith; Changes in technology; Intellectual property matters; Governmental investigations; Potential future employee benefit plan contributions and other employment and pension matters; Contingencies related to actual or alleged environmental contamination, claims and concerns; Changes in generally accepted accounting principles; Other factors set forth in our Annual Report on Form 10−K for the fiscal year ended December 31, 2008 and our other filings with the Securities and Exchange Commission.
The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Andy Hilton
tel +1 914 641 2160
andy.hilton@itt.com
Thomas Scalera
tel +1 914 641 2030
thomas.scalera@itt.com