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<SEC-DOCUMENT>0001157523-11-000157.txt : 20110112
<SEC-HEADER>0001157523-11-000157.hdr.sgml : 20110112
<ACCEPTANCE-DATETIME>20110112062939
ACCESSION NUMBER:		0001157523-11-000157
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110112
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110112
DATE AS OF CHANGE:		20110112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ITT Corp
		CENTRAL INDEX KEY:			0000216228
		STANDARD INDUSTRIAL CLASSIFICATION:	PUMPS & PUMPING EQUIPMENT [3561]
		IRS NUMBER:				135158950
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05672
		FILM NUMBER:		11524309

	BUSINESS ADDRESS:	
		STREET 1:		1133 WESTCHESTER AVENUE
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10604
		BUSINESS PHONE:		914.641.2041

	MAIL ADDRESS:	
		STREET 1:		1133 WESTCHESTER AVENUE
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10604

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITT CORP
		DATE OF NAME CHANGE:	20060705

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITT INDUSTRIES INC
		DATE OF NAME CHANGE:	19951220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITT CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6570381.htm
<DESCRIPTION>ITT CORPORATION 8K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">
      <br>
      <font style="font-size: 14pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 14pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 14pt"></font><font style="font-size: 14pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><font style="font-size: 14pt"><br style="font-size: 14pt"></font><font style="font-size: 14pt; font-family: Times New Roman"><b>Washington,
      DC 20549</b></font><br>
    </p>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>FORM 8-K</b></font><br>
    </p>
    <p style="text-align: center">
      <br>
      <font style="font-size: 18pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt"><br style="font-size: 12pt"></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d) of the </b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Securities
      Exchange Act of 1934</b></font><br><br><br><font style="font-size: 12pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported): January 12, 2011</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p style="text-align: center">
      <br>
      <font style="font-size: 22pt; font-family: Times New Roman"><b>ITT
      CORPORATION</b></font><br><font style="font-size: 12pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
    <p style="text-align: center">
      <br>

    </p>
    <div style="text-align:center">
    <table style="margin-bottom: 10.0px; font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt; font-family: Times New Roman">Indiana</font>
          </p>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; width: 34%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt; font-family: Times New Roman">1-5672</font>
          </p>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt; font-family: Times New Roman">13-5158950</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt">(State or other jurisdiction</font>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt">of incorporation)</font>
          </p>
        </td>
        <td style="text-align: center; width: 34%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt">(Commission</font>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt">File Number)</font>
          </p>
        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt">(IRS Employer</font>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt">Identification No.)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:center">
    <table style="margin-bottom: 10.0px; font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 60%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt">1133 Westchester Avenue</font>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt">White Plains, New York</font>
          </p>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; width: 40%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt; font-family: Times New Roman">10604</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 60%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt; font-family: Times New Roman">(Address
            of principal </font><br><font style="font-size: 12pt; font-family: Times New Roman">executive
            offices)</font>
          </p>
        </td>
        <td style="text-align: center; width: 40%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt; font-family: Times New Roman">(Zip
            Code)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <font style="font-size: 12pt"><br style="font-size: 12pt">
      </font><font style="font-size: 12pt">(Registrant&#8217;s telephone number,
      including area code):&#160;&#160;(914) 641-2000</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font>
    </p>
    <p>

    </p>
    <p style="text-align: left; font-family: Times New Roman">
      <font style="font-size: 12pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see General Instruction A.2. below):</font>
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 12pt; font-family: Times New Roman">
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 12pt; font-family: Times New Roman">
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 12pt; font-family: Times New Roman">
      Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 12pt; font-family: Times New Roman">
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</font>
    </p>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt">Not&#160;Applicable</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">(Former
      name or former address, if changed since last report)</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><br>
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 7.01. &#160;&#160;&#160;&#160;&#160;&#160;&#160;Regulation FD Disclosure.</b>
    </p>
    <p style="text-indent: 60.0px">
      On January&#160;12, 2011, ITT Corporation (&#8220;ITT&#8221; or the &#8220;Company&#8221;) issued a
      press release announcing that its Board of Directors had unanimously
      approved a plan to separate the Company&#8217;s businesses into three
      distinct, publicly-traded companies.&#160;&#160;The plan that the Company intends
      to pursue includes: the continuation of ITT as an independent,
      publicly-traded company focused solely on its industrial process and
      motion control businesses; the tax-free spin-off to shareholders of the
      water-related business into an independent, publicly-traded company; and
      the tax-free spin-off to shareholders of the defense and information
      solutions segment into an independent, publicly-traded company. A copy
      of the press release is furnished as Exhibit 99.1 and is incorporated
      herein by reference.
    </p>
    <p style="text-indent: 60.0px">
      The information contained in, or incorporated into, this Item&#160;7.01,
      including Exhibit 99.1 attached hereto, is being furnished and shall not
      be deemed &#8220;filed&#8221; for purposes of Section&#160;18 of the Securities Exchange
      Act of 1934, nor shall it be deemed incorporated by reference in any
      filing under the Securities Act of 1933, except as shall be expressly
      set forth by specific reference in such filing.<br><br><br>
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p>
      (d) &#160;Exhibits
    </p>
    <p>
      &#160;&#160;&#160;&#160;&#160;&#160;99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release issued by ITT Corporation, dated
      January 12, 2011
    </p>
    <p style="white-space: nowrap; margin-left: 60.0px">

    </p>
    <p style="white-space: nowrap; margin-left: 60.0px">

    </p>
    <p style="white-space: nowrap; margin-left: 60.0px">

    </p>
    <p style="white-space: nowrap; margin-left: 90.0px; text-align: center">

    </p>
    <p>

    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="font-size: 10pt; text-align: center; font-family: Times New Roman">
          2
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURE</b></font><br>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">

    </p>
    <div style="text-align:center">
    <table style="margin-bottom: 10.0px; font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="text-align: left; width: 20%; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          ITT CORPORATION
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 20%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="3">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; width: 25%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            January 12, 2011
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; width: 4%; padding-left: 0.0px" valign="top">
          By:
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; width: 1%; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; width: 40%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Burt M. Fealing
          </p>
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: left; width: 40%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Burt M. Fealing
          </p>
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 5%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 20%">

        </td>
        <td style="text-align: left; width: 4%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Its:
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: left; width: 40%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Vice President and Corporate Secretary
          </p>
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: left; width: 40%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Authorized Officer of Registrant)
          </p>
        </td>
        <td style="width: 5%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b><br><br>
    </p>
    <div style="text-align:center">
    <table style="margin-bottom: 10.0px; font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 15%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; width: 85%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; width: 15%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            99.1
          </p>
        </td>
        <td style="text-align: left; width: 85%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            News Release of ITT Corporation, dated January 12, 2011.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6570381ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>ITT
      Corporation Announces Plan to Separate into Three Independent Publicly
      Traded Companies</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Water-related
        businesses to be spun off as a standalone water technology company</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Defense
        segment to be spun off as a standalone, diversified defense technology
        and information solutions company</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>ITT
        Corporation to continue as a standalone, highly engineered industrial
        company</b></font></i>
      </li>
      <li style="margin-bottom: 10.0px">
        <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Conference
        call for investors today at 8:30 a.m. Eastern Standard Time</b></font></i>
      </li>
    </ul>
    <p>
      WHITE PLAINS, N.Y.--(BUSINESS WIRE)--January 12, 2011--ITT Corporation
      (NYSE: ITT) today announced that its board of directors has unanimously
      approved a plan to separate the company&#8217;s businesses into three
      distinct, publicly traded companies. Under the plan, ITT would execute
      tax-free spinoffs to shareholders of its water-related businesses and
      its Defense &amp; Information Solutions segment. Following completion of the
      transaction, ITT will continue to trade on the New York Stock Exchange
      as an industrial company that supplies highly engineered solutions in
      the aerospace, transportation, energy and industrial markets. Under the
      plan, ITT shareholders will own shares in all three corporations
      following the completion of the transaction.
    </p>
    <p>
      ITT senior management and its board of directors believe that these
      three businesses are well-positioned to create significant value for
      shareholders as standalone companies. ITT expects to finalize and
      execute the plan before the end of the year.
    </p>
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    <p>
      &#8220;For nearly a century, ITT has been known for transformative strategies
      that create value for customers and shareowners,&#8221; said Steve Loranger,
      chairman, president and chief executive officer of ITT. &#8220;In recent
      years, we have nurtured and grown our unique portfolio of businesses,
      which are now poised to emerge as three strong and focused standalone
      companies, with leading products and market positions, highly skilled
      employees and tremendous value-generating potential for shareowners. In
      today&#8217;s business environment, we believe this strategy is the best
      approach to unlock this value and position the three businesses to grow
      and serve customers as focused global companies. Each new company will
      be more nimble and able to build stronger, more intimate customer
      relationships to accelerate mutual success.&#8221;
    </p>
    <p>
      Loranger continued, &#8220;We believe each of these future companies will be
      strategically well positioned for growth, nicely capitalized, with
      global capabilities, outstanding operating track records and world-class
      leadership. In addition, we believe the transformation plan will provide
      more focused opportunities for our employees, who will be instrumental
      in the future success of all three companies.&#8221;
    </p>
    <p>
      <b>Three Focused Businesses with Outstanding Growth Potential</b>
    </p>
    <p>
      <u>A leading manufacturer of highly engineered industrial products and
      high-tech solutions:</u>
    </p>
    <p>
      Following completion of the spinoff, ITT Corporation will continue to be
      a diversified global manufacturer of highly engineered industrial
      products and high-tech solutions. Its global platform will include ITT&#8217;s
      current Industrial Process business, as well as its Motion Technologies,
      Interconnect Solutions and Control Technologies businesses. ITT
      Corporation will have leading market positions across an extensive
      portfolio of advanced technology industrial pumps, valves and control
      systems serving the oil and gas, mining, chemical, power generation, and
      pulp and paper markets. It will also have leadership positions in highly
      engineered products such as specialized and harsh-environment
      connectors, aerospace valves, actuators and components, as well as shock
      absorbers, brake pads and other energy absorption solutions. It is
      expected to have a revenue profile that is globally balanced. Its
      emerging-market growth prospects are outstanding, with nearly 60 percent
      of revenues coming from international operations and emerging markets.
    </p>
    <p>
      Pro forma 2011 revenue for the future ITT Corporation is estimated at
      $2.1 billion.
    </p>
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    <p>
      <u>A global water technology leader:</u>
    </p>
    <p>
      Following completion of the spinoff, a highly attractive, standalone
      water technology corporation with a new corporate brand name will be
      formed through the combination of three of ITT&#8217;s current businesses:
      Residential &amp; Commercial Water, Flow Control and Water &amp; Wastewater
      (including biological, filtration and disinfection treatment and
      analytics). These businesses are already known for solid operating
      results, leading market positions and strong product brand awareness,
      positioning the new water technology company for significant growth.
      This company will be a global leader, with the broadest suite of
      innovative equipment, systems and applications. The portfolio will span
      the transport, testing and treatment of water -- focusing on the
      residential, commercial, municipal, agricultural, construction, building
      services, dewatering, beverage and leisure marine markets, as well as
      analytical instrumentation for water and wastewater, environmental,
      medical and beverage applications. The company is expected to benefit
      from an already strong installed base, driving attractive aftermarket
      opportunities, as well as a diverse global footprint with approximately
      55 percent of revenues coming from international markets and strong
      emerging market growth prospects.
    </p>
    <p>
      Pro forma 2011 revenue for the future water technology business is
      estimated at $3.6 billion.
    </p>
    <p>
      <u>A highly engineered defense technology and information solutions
      provider:</u>
    </p>
    <p>
      Following completion of the spinoff, the existing Defense &amp; Information
      Solutions segment will be renamed and rebranded as a new standalone
      company that is an industry-leading provider of innovative technologies
      and operational services to meet the enduring requirements of the global
      military, government and commercial customers. The company&#8217;s products
      and services will include premier technologies such as next generation
      night vision, integrated electronic warfare, networked communications,
      force protection, radar, global intelligence, surveillance and
      reconnaissance systems, composite structures, space-based satellite
      imaging, weather and climate monitoring, and navigation and imaging
      systems, as well as maintenance, engineering and professional services.
      The business will continue to focus on growth beyond the core Department
      of Defense customer, with nearly 30 percent of revenues already coming
      from adjacent markets, such as air traffic management, information and
      cyber security as well as strong international growth prospects.
    </p>
    <p>
      Pro forma 2011 revenue for the new defense and information solutions
      business is estimated at $5.8 billion.
    </p>
    <p>
      Each of the future companies is expected to have a capital structure,
      balance sheet and financial policies consistent with investment grade
      credit metrics. As it prepares for the transaction, ITT will continue to
      follow financial policies that are consistent with its current
      investment grade credit ratings.
    </p>
    <p>
      <b>Experienced Team Poised to Lead Extraordinary Corporations</b>
    </p>
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    <p>
      Effective upon the completion of the transaction, the new ITT
      Corporation will be led by ITT&#8217;s current Chief Financial Officer, Denise
      Ramos, who will serve as its future chief executive officer. Its
      chairman of the board will be Frank MacInnis, currently a director of
      ITT Corporation and the chairman and former chief executive officer of
      EMCOR Group, Inc. The water technology businesses will become a new
      company to be led by Gretchen McClain, currently president of ITT Fluid
      and Motion Control, who will serve as its future chief executive
      officer. Its executive chairman of the board will be Steve Loranger,
      currently chairman, president and chief executive officer of ITT
      Corporation. The Defense &amp; Information Solutions business will become a
      new company to be led by David Melcher, currently president of ITT
      Defense &amp; Information Solutions, serving as its future chief executive
      officer. Its chairman of the board will be Ralph Hake, currently a
      director of ITT Corporation and previously the chairman and chief
      executive officer of Maytag Corporation.
    </p>
    <p>
      &#8220;I&#8217;m confident that Denise, Gretchen and Dave have the best experience
      to lead these new companies as CEOs and will create exciting
      opportunities for their shareholders, employees and customers. While we
      move forward with the development of the transformation plan, these
      three world-class leaders will continue to partner with me and the rest
      of our leadership team in continuing to deliver strong performance as
      one portfolio until the transaction is completed,&#8221; Loranger said. &#8220;As
      the future executive chairman of the new water technology company, I
      look forward to partnering with Gretchen and playing a vibrant and
      important role in its growth well into the future.&#8221;
    </p>
    <p>
      Each corporation will have its own independent board of directors, and
      each of ITT&#8217;s current board members has committed to serve on one or
      more of the boards of these companies. Upon completion of the
      transaction, each company is expected to be listed on the New York Stock
      Exchange.
    </p>
    <p>
      ITT&#8217;s current board of directors is unanimously confident that Frank
      MacInnis, Steve Loranger and Ralph Hake will bring valuable experience
      leading public companies and expertise in corporate governance as
      chairmen of these new boards.
    </p>
    <p>
      <b>Additional Information</b>
    </p>
    <p>
      The potential separation of ITT&#8217;s companies will not require a
      shareholder vote. The separation plan will be subject to customary
      regulatory approvals, the receipt of an IRS tax ruling and a tax opinion
      from counsel, the execution of intercompany agreements, finalization of
      the capital structure of the three corporations, final approval of the
      ITT board and other customary matters.
    </p>
    <p>
      The company expects to maintain its current quarterly dividend through
      the completion of the transaction.
    </p>
    <p>
      Pro forma revenues referred to in this announcement are defined as ITT
      Corporation&#8217;s previously announced revenue guidance for 2011, realigned
      according to the expected business structures of the three new
      corporations, assuming separation as of January 1, 2011, without other
      adjustment.
    </p>
    <p>
      For more information please access our website at: <u>www.transformationitt.com</u>.
    </p>
    <p>
      <b>Investor Call Today</b>
    </p>
    <p>
      ITT's senior management will host a conference call for investors today
      at 8:30 a.m. Eastern Standard Time to review the planned separation and
      answer questions. The briefing can be monitored live by calling +1 (706)
      643-7542 (ID: 36744845) or via the company&#8217;s web site: <u>www.itt.com/investors</u>.
      Presentation materials will be available on the web site prior to the
      call.
    </p>
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    <p>
      A replay of the briefing will be available on the web site or via
      playback phone number +1 (706) 645-9291 (ID: 36744845) until January 21,
      2011.
    </p>
    <p>
      <b>Safe Harbor Statement</b>
    </p>
    <p>
      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. These
      forward-looking statements include, but are not limited to, statements
      about the separation of the Company into three independent
      publicly-traded companies, the terms and the effect of the separation,
      the nature and impact of such a separation, capitalization of the
      companies, future strategic plans and other 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 &quot;anticipate,&quot; &quot;estimate,&quot; &quot;expect,&quot;
      &quot;project,&quot; &quot;intend,&quot; &quot;plan,&quot; &quot;believe,&quot; &quot;target&quot; 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 or implied in, or reasonably inferred
      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 U.S. or international government defense budgets;
      Decline in consumer spending; Sales and revenue mix and pricing levels;
      Availability of adequate labor, commodities, supplies and raw materials;
      Interest and foreign currency exchange rate fluctuations and changes in
      local government regulations; Competition, industry capacity and
      production rates; Ability of third parties, including our commercial
      partners, counterparties, financial institutions and insurers, to comply
      with their commitments to us; Our ability to borrow or to refinance our
      existing indebtedness and availability of liquidity sufficient to meet
      our needs; Changes in the value of goodwill or intangible assets; Our
      ability to achieve stated synergies or cost savings from acquisitions or
      divestitures; The number of personal injury claims filed against the
      company or the degree of liability; Uncertainties with respect to our
      estimation of asbestos liability exposures, third party recoveries, and
      net cash flow; Our ability to effect restructuring and cost reduction
      programs and realize savings from such actions; Government regulations
      and compliance therewith, including compliance with and costs associated
      with new Dodd-Frank legislation; 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, 2009 and our other filings with
      the Securities and Exchange Commission. In addition, there are risks and
      uncertainties relating to the planned tax-free spinoffs of our Water and
      Defense businesses, including the timing and certainty of the completion
      of those transactions and the ability of each business to operate as an
      independent entity. The guidance for full-year 2011 is based on the
      company&#8217;s current structure and does not give effect to the separation
      of our Water and Defense businesses into newly independent public
      companies.
    </p>
    <p>
      The company undertakes no obligation to update any forward-looking
      statements, whether as a result of new information, future events or
      otherwise.
    </p>
    <p style="text-align: center">

    </p>
    <p>
      CONTACT:<br><u><b>ITT Corporation</b></u><br><b>Investors:</b><br>Thomas
      Scalera,<b> </b>+1 914-641-2030<br><u>thomas.scalera@itt.com</u><br>or<br><b>Media:</b><br>Jenny
      Schiavone,<b> </b>+1 914-641-2160<br><u>jennifer.schiavone@itt.com</u>
    </p>
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