<SEC-DOCUMENT>0001157523-11-003954.txt : 20110711
<SEC-HEADER>0001157523-11-003954.hdr.sgml : 20110711
<ACCEPTANCE-DATETIME>20110711073523
ACCESSION NUMBER:		0001157523-11-003954
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110705
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110711
DATE AS OF CHANGE:		20110711

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:		11960660

	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>a6787698.htm
<DESCRIPTION>ITT CORPORATION 8-K
<TEXT>
<html>
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<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
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  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-family: Times New Roman; font-size: 16pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 16pt"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of the</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Securities
      Exchange Act of 1934</b></font><br><br><br><font style="font-family: Times New Roman; font-size: 12pt">Date
      of Report (Date of earliest event reported): July 5, 2011</font><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><br><font style="font-family: Times New Roman; font-size: 16pt"><b>ITT
      CORPORATION</b></font><br><font style="font-family: Times New Roman; font-size: 11pt">(Exact
      name of registrant as specified in its charter)</font><font style="font-size: 11pt"><br style="font-size: 11pt"></font>
    </p>
    <p>

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

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1133 Westchester Avenue
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            White Plains, New York
          </p>
        </td>
        <td style="text-align: center; white-space: nowrap; padding-right: 0.0px; width: 50%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">10604</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of principal</font><br><font style="font-size: 10pt; font-family: Times New Roman">executive
            offices)</font>
          </p>
        </td>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Zip
            Code)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      Registrant&#8217;s telephone number, including area code: (914) 641-2000<br>
    </p>
    <p style="text-align: left; font-size: 10pt; font-family: Times New Roman">
      <font style="font-size: 10pt; 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: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; 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><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; 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><br>
    </p>
    <p style="text-align: center">
      Not Applicable<br>(Former name or former address, if changed since last
      report)<br>
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <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="color: black; height: 1.5pt">

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

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

    </p>
    <p>
      <b>Item 8.01 Other Events</b>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      On July 11, 2011, ITT Corporation (the &#8220;Company&#8221;) announced a definitive
      agreement to purchase YSI Incorporated (&#8220;YSI&#8221;).&#160;&#160;YSI is a leading
      developer and manufacturer of sensors, instruments, software, and data
      collection platforms for environmental water monitoring.&#160;&#160;YSI reported
      2010 global revenues of $101 million and employs 390 people at several
      facilities in the U.S., Europe and Asia. The transaction is expected to
      close in the third quarter of 2011, pending customary closing conditions
      and approval of YSI&#8217;s shareholders.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      On July 11, 2011, the Company issued a press release relating to the
      transaction.&#160;&#160;A copy of the press release is attached hereto as Exhibit
      99.1.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">

    </p>
    <p>
      <b>Item 9.01. &#160;Financial Statements and Exhibits</b><br>
    </p>
    <p>
      (d) Exhibits<br>
    </p>
    <p style="text-indent: 60.0px; font-size: 10pt; font-family: Times New Roman">
      99.1&#160;&#160;Press Release issued by ITT Corporation, dated July 11, 2011<br>
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p style="margin-left: 60.0px">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURE</b></font><br>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <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="text-indent: 30.0px; font-size: 10pt">

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <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 colspan="4" style="text-align: left; padding-left: 0.0px" valign="top">
          ITT CORPORATION
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

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

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 7%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; width: 25%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; width: 4%; padding-left: 0.0px" valign="top">
          By:
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; width: 1%; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: left; width: 38%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Burt M. Fealing
          </p>
        </td>
        <td style="width: 7%">

        </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: 38%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Burt M. Fealing
          </p>
        </td>
        <td style="width: 7%">

        </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: 38%">

        </td>
        <td style="width: 7%">
          &#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-top: 0px; margin-bottom: 0px">
            Its:
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: left; width: 38%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Vice President and Corporate Secretary
          </p>
        </td>
        <td style="width: 7%">

        </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: 38%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Authorized Officer of Registrant)
          </p>
        </td>
        <td style="width: 7%">

        </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: 38%">

        </td>
        <td style="width: 7%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td style="text-align: left; width: 25%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            July 11, 2011
          </p>
        </td>
        <td style="width: 20%">

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

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

        </td>
        <td style="width: 38%">

        </td>
        <td style="width: 7%">

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

    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <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="color: black; height: 1.5pt">

        </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 cellspacing="0" style="margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="text-align: left; white-space: nowrap; padding-right: 0.0px; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td style="text-align: left; width: 95%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release issued by ITT Corporation, dated July 11, 2011.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6787698ex991.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-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>ITT to
      Acquire YSI Incorporated; Deal Strengthens Company&#8217;s Water
      Instrumentation Business</b></font>
    </p>
    <p>
      WHITE PLAINS, N.Y. &amp; YELLOW SPRINGS, Ohio--(BUSINESS WIRE)--July 11,
      2011--ITT Corporation (NYSE: ITT) and privately held YSI Incorporated
      today announced a definitive agreement for ITT to acquire, via merger,
      YSI, a leading developer and manufacturer of sensors, instruments,
      software, and data collection platforms for environmental water
      monitoring. YSI had 2010 global revenues of $101 million and employs 390
      people at several facilities in the U.S., Europe and Asia. Completion of
      the acquisition is expected in the third quarter 2011, pending customary
      closing conditions and approval from YSI&#8217;s shareholders.
    </p>
    <p>
      &#8220;The addition of YSI is the next logical step in our strategy to acquire
      attractive companies whose businesses complement our existing water
      portfolio,&#8221; said Gretchen McClain, president of ITT&#8217;s Fluid and Motion
      Control business, and future chief executive officer of the new
      standalone water company that will separate from ITT later this year.
      &#8220;We see very compelling growth characteristics in the analytical
      instrumentation market. As we move toward the formation of our new water
      company, the addition of YSI further builds on our attractive analytics
      business and our commitment to provide the best solutions to the
      challenges our customers face across the water industry.&#8221;
    </p>
    <p>
      ITT&#8217;s analytics business is a leading manufacturer of premium field,
      portable, laboratory and online analytical instruments used in water and
      wastewater, environmental, medical, and food and beverage applications.
      The company&#8217;s meters, sensors, analyzers and related consumables are
      used every day by thousands of end-users world-wide to analyze and
      control quality in industrial applications where precise measurement is
      required. ITT&#8217;s analytics products are sold under the globally
      recognized brands WTW, SI Analytics, OI Analytical, Royce&#160;Technologies,
      Aanderaa Data Instruments (AADI), Global Water Instrumentation, ebro and
      Bellingham &amp; Stanley.
    </p>
    <p>
      &#8220;The opportunity to add a company with the brand recognition and reach
      of YSI not only strengthens our Analytics portfolio, but also gives us a
      great opportunity to globally expand our entire existing brand
      offering,&#8221; said Chris McIntire, president of ITT Analytics. &#8220;YSI&#8217;s
      expertise in field and outdoor, environmental applications strongly
      complements and broadens our existing capabilities. From our workplace
      cultures to our philanthropic initiatives, YSI and ITT are a perfect
      fit.&#8221;
    </p>
    <p>
      Rick Omlor, chairman and chief executive officer of YSI Incorporated,
      said, &#8220;We believe joining ITT offers a great opportunity to continue
      growing our business, and I&#8217;m especially pleased that YSI will live on
      within a strong global company united around water. With a 63-year
      legacy founded in scientific discovery and innovation, YSI&#8217;s strong
      brand equity, backed by ITT&#8217;s global citizenship philosophy is the right
      choice to move YSI into the future.&#8221;
    </p>
    <p>
      <b>About YSI Incorporated</b>
    </p>
    <p>
      Founded in 1948, YSI is a leading developer and manufacturer of sensors,
      instruments, software, and data collection platforms for environmental
      water monitoring. YSI has 390 employees in 22 locations serving
      customers throughout the world.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <b>About ITT Corporation</b>
    </p>
    <p>
      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 reported 2010 revenue
      of $11 billion. <u>www.itt.com</u>
    </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, but are not limited
      to: 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, 2010 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'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>
      CONTACT:<br><b>ITT Corporation</b><br>B.J. Talley, 914-641-2094<br><u>william.talley@itt.com</u><br>or<br><b>ITT
      Analytics</b><br>Laura Brockway, 781-937-4130<br><u>laura.brockway@itt.com</u><br>or<br><b>YSI
      Incorporated</b><br>Gayle Rominger, 937-767-2349<br><u>grominger@ysi.com</u>
    </p>
    <p>

    </p>
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