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ITT to Acquire Airport Operations Solutions Group from SRA International - Deal will mark ITT's entry into the airport operations management market (NYSE: ITT)
ITT to Acquire Airport Operations Solutions Group from SRA International

 

NewswireToday - /newswire/ - Herndon, VA, United States, 2010/09/20 - Deal will mark ITT's entry into the airport operations management market (NYSE: ITT). NYSE: ITT

   
 
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ITT Corporation today announced it has reached a definitive agreement with SRA International, Inc. (NYSE: SRX) under which ITT will acquire SRA's Airport Operations Solutions (AOS) group, a leading provider of airport solutions in North America since 1974. Today more than 50 major airports enjoy the operational benefits of AOS's secure centrally managed web-based airport operation management platform, AirScene.com, which provides critical airport business functions such as revenue, surface operations and noise management. The AOS group reported revenue of approximately $3.5 million in the 12 months ended June 30, 2010 and employs 17 full time people located in Herndon, Va.; Austin, Texas; and Boston, Mass.

"The AOS group's strong customer relationships and deep operational experience, coupled with a proven suite of web-based applications, complements ITT's culture of providing superior solutions through engineering innovation," said Dave Melcher, president of ITT Defense and Information Solutions. "The addition of the AOS group will strengthen ITT's business portfolio as we accelerate our commercial strategy for growth in the air traffic management industry."

ITT recently launched its commercial aviation data service that is positioned to be a single, trusted source of nationwide real-time surveillance and flight information which, when integrated with a suite of aviation business intelligence applications, can be used to optimize and streamline operations of airport operators, airlines and aviation service companies.

"The fusion of ITT's complete, accurate, and rapidly updating data service that provides tracking and flight data of all aircraft operating in the U.S. national airspace system with the AirScene.com application suite on one centrally hosted platform will allow ITT to rapidly deliver cloud-based business intelligence solutions that solve our aviation customers' pressing operational needs," said John Kefaliotis, ITT's vice president of next generation transportation systems. "We believe this comprehensive yet intuitive web-based application suite can now be deployed much faster and at a significantly lower cost to almost any airport and airline customer while instantly delivering operational benefits."

The terms of the agreement were not disclosed. The transaction is expected to close within the fourth quarter of 2010, pending regulatory approvals.

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 is fully meeting all ADS-B 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 reported 2009 revenue of $10.9 billion.

Safe Harbor Statement
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, counterparties, 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; Uncertainties with respect to our estimation of asbestos liability exposure and related insurance recoveries; 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, 2009 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.

Investor Contact: Thomas Scalera / T: +1 914 641 2030 / E: thomas.scalera[.]itt.com.

 
 
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Written by / Agency / Source: ITT Night Vision and Imaging

 
 

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ITT to Acquire Airport Operations Solutions Group from SRA International

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ITT Press |
Publisher Contact: Leah Lackey - ITT.com 
703-668-6234 leah.lackey[.]itt.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any ITT Night Vision and Imaging securities in any jurisdiction including any other companies listed or named in this release.

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