ITT to Broaden Portfolio in High-Growth Defense Technology Markets with EDO Acquisition

WHITE PLAINS, N.Y., Sept. 17 /PRNewswire-FirstCall/ -- ITT Corporation (NYSE: ITT) and EDO Corporation (NYSE: EDO), a global aerospace and defense company, have reached a definitive agreement for ITT to purchase all outstanding shares of EDO for $56...


Investor call today

ITT's senior management will host a conference call for investors today at 9:00 a.m. Eastern Daylight Time . To participate in the call, domestic and international callers dial 1-212-729-5000, conference code 9250639. The call will be simultaneously webcast on ITT's website at www.itt.com/ir. Presentation materials will be available on the website prior to the call.

About EDO Corporation

EDO Corporation (www.edocorp.com) designs and manufactures a diverse range of products for aerospace and defense, intelligence, and commercial markets. Major product groups include: Defense Electronics, Communications, Aircraft Armament Systems, Undersea Warfare, Integrated Composite Structures, and Professional and Engineering Services. The company employs 4,000 people.

About ITT Corporation

ITT Corporation (www.itt.com) supplies advanced technology products and services in several growth markets. ITT is a global leader in water and fluid transport, treatment and control technology. The company plays a vital role in international security with communications and electronics products; space surveillance and intelligence systems; and advanced engineering and services. It also serves the growing marine, transportation and electrical markets with a wide range of products. Headquartered in White Plains, N.Y., the company generated $7.8 billion in 2006 sales.

Forward-Looking Statement and Important Legal Information

This communication contains "forward-looking statements" which represent the current expectations and beliefs of management of ITT Corporation ("ITT") concerning the proposed merger of EDO Corporation ("EDO") with Donatello Acquisition Corp., a wholly owned subsidiary of ITT (the "merger"), and other future events and their potential effects on ITT. Such statements are not guarantees of future results. They only represent management's expectations and beliefs concerning future events and their potential effects on ITT.

These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies and risk relating to the merger, many of which are beyond the company's control. These forward-looking statements include statements that describe ITT'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 by ITT include general global economic conditions, decline in consumer spending, interest and foreign currency exchange rate fluctuations, availability of commodities, supplies and raw materials, competition, acquisitions or divestitures, changes in government defense budgets, employment and pension matters, contingencies related to actual or alleged environmental contamination, claims and concerns, intellectual property matters, personal injury claims, governmental investigations, tax obligations, and changes in generally accepted accounting principles. Other factors are more thoroughly set forth in Item 1. Business, Item 1A. Risk Factors, and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements in the ITT Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2006 , and other of its filings with the Securities and Exchange Commission. ITT undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.