ITT Corporation (ITT) won a $53 million order from United Kingdom’s Ministry of Defence (MoD) for its head-mounted night vision systems (HMNVS). This is the largest order to date from UK MoD for the system.
The HMNVS is the company’s Generation 3 night vision technology. The system provides soldiers with enhanced visibility during their operations at night and is used commonly by the US army.
The systems will be delivered to the UK MoD over the next five fiscal years. ITT Corporation has been associated with the Ministry since 2003 through provisions of such equipment required in the battlefield. These systems are produced at ITT’s facility in Roanoke, Virginia and ITT Defence Ltd. in Basingstoke, U.K. The company also provides logistic support and maintenance services to its client.
The Generation 3 night vision technology has the capacity to provide sharp and clear night vision to soldiers for more than 10,000 hours, while ITT’s Generation 2 system lasted for just 2,000 to 4,000 hours.
ITT Corporation has been actively expanding its global presence and is focused on delivering defense and information solutions worldwide. Recently (in April 2010), the company established ITT Defence Australia Pty Ltd in Australia and also opened an office (ITT Defence International Inc.) in New Delhi, India. Major competitors of ITT are Lockheed Martin Corporation (LMT) and Raytheon Co. (RTN).
Headquartered in New York City, ITT Corporation is a global multi-industry leader in high-technology engineering and manufacturing. It is engaged in the design, manufacture, and sale of a wide range of engineered products and services. ITT Geospatial Systems, a part of ITT Corporation, offers innovative night vision, remote sensing and navigation solutions. These solutions provide sight and situational awareness at the space, airborne, ground and soldier levels.
We currently maintain our Neutral rating on ITT Corporation.
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