ITT Corp. (ITT) has been awarded a contract by the U.S. Army Contracting Command to provide supplies, food service, transportation, public works, community service, medical, safety, environmental, fire, and postal operations support at Camp As Sayliyah and other facilities in Qatar.
The contract is for a one-year period with options for four additional years and has a total value of $125 million when all options are exercised.
Work will be performed by ITT Systems, based in Colorado Springs, Colorado.
Recently, the company elevated Dave Melcher, president of Defense & Information Solutions, to the post of senior vice president of the company. Melcher, 55, who joined ITT in 2008 as vice president of strategy and business development for Defense was named president of ITT’s Defense business and elected a corporate vice president later in that year.
The company plays an important role in vital markets, including water and fluids management, global defense and security, and motion and flow control. It possesses industry leading brands in Fluid Technology and Motion & Flow Control businesses. The company is well diversified and serves attractive end markets with a broad geographic footprint.
We are particularly bullish about two segments: a) water equipment (primarily pumps), which should benefit from the replacement and upgrading of ageing networks in developed markets and the build out of infrastructure in emerging markets; and b) ITT ’s Defense business, with the bulk of sales derived from electronic and network-centric warfare.
ITT Corporation (ITT), with 2009 sales and revenues of $10.9 billion, 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 the provision of services. The company is headquartered in New York City and employs approximately 40,000 people worldwide.
We currently have a Neutral recommendation on ITT.
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