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Herndon, VA, United States, 2010/05/27 - ITT Corporation (NYSE: ITT) has been awarded a contract by the Federal Aviation Administration (FAA) to lead a world-class team of aviation industry companies to support the development of advanced concepts. NYSE: ITT
ITT Corporation has been awarded a contract by the Federal Aviation Administration (FAA) to lead a world-class team of aviation industry companies to support the development of advanced concepts involving the most challenging issues facing the FAA's Next Generation Air Transportation System (NextGen) initiative to modernize the U.S. national airspace system.
The contract, titled System Engineering 2020 (SE2020), has a ceiling value with all options exercised of $1.4 billion, and a five-year base period of performance with option periods that can extend the contract to a total of 10 years.
Under SE2020, the ITT team will conduct leading edge concept development work across all dimensions of air traffic control including ground systems, avionics, aircraft, air traffic control rules and procedures, human factors, safety and security, environmental and standards.
"Our expertise as a world-class enterprise solutions provider, combined with an outstanding performance track record, solidifies ITT's position as a key partner with the FAA at the forefront of global air traffic management harmonization," said Mike Wilson, president of ITT's Information Systems business. "Enhancing safety and efficiency in the national air space system is of critical importance as we undertake this landmark endeavor for the FAA."
The ITT team includes Aviation Communication & Surveillance Systems (ACSS); Aerospace Engineering Solutions; Airways New Zealand; Alvarez & Associates; ARCON; Basic Commerce & Industries (BCI); Bell Helicopter; Bombardier Inc. — Including Learjet; Bridgenet; CGH Technologies; Computer Science Corporation (CSC);Embraer; Enroute Computer Solutions (ECS); Flatirons; GE Aviation (NAVERUS); Human Solutions, Inc.; Intelligent Automation Inc. (IAI); Jet Blue; Middle Tennessee State University; NEXA; Northrop Grumman; Ohio University; Piaggio Aero; Piper Aircraft; Raytheon; Robinson Aviation; Rockwell Collins; Sensis; Serco, Inc.; SRI International; Thales; University Corporation for Atmospheric Research (UCAR); United Airlines; Veracity; and Weather Driven Business Solution (WSI).
About ITT Information Systems
ITT Information Systems provides networked decision support solutions to government and commercial customers through sophisticated information integration and protection, such as next generation air traffic management solutions and cyber security. ITT is currently under contract with the FAA to deploy, operate and maintain the Automatic Dependent Surveillance-Broadcast (ADS-B) system, the cornerstone technology of NextGen that will transform the ground-based air traffic control system of today to a more efficient, satellite-based system. ITT's ADS-B contract performance is outstanding, fully meeting all contract milestones in accordance with an aggressive schedule set by the FAA in 2007.
About ITT Corporation
ITT Corporation (itt.com) 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 2009 revenue of $10.9 billion.
Investor Contact: Thomas Scalera, T: +1 914 641 2030, E: thomas.scalera[.]itt.com.