ITT Corporation is a U.S. conglomerate headquartered in White Plains, New York.
As an International Telephone and Telegraph Corporation, the company Sosthenes Behn of was founded in 1920 in Puerto Rico. With the phone market in touch brothers Sosthenes Behn and Hernand came when they received as part of their activities as sugar broker instead of unprofitable accounts receivable, the Puerto Rico Telephone Company.
In 1923, the Spanish telephone company were acquired, from which today's Telefónica has emerged. In the 1920s, other European telephone companies were acquired, including the Belgian Bell Telephone Manufacturing Company, which until then AT & T was.
In Germany ITT took over in 1930, which also international radio and telecommunications companies Mix & Genest and C. Lorenz AG. With the acquisition of G. Schaub apparatus the C. Lorenz AG goes into the manufacture of radio receivers in 1940. Later, the company's equipment under the brand name " Schaub- Lorenz " are first marketed in 1958 and then merged to form Standard Elektrik Lorenz AG (SEL).
In the Third Reich ITT was closely associated with the Hitler regime. On August 3, 1933, Hitler received alongside other American businessmen ITT founder and CEO Sosthenes Behn. After Antony C. Sutton's book Wall Street and the Rise of Hitler German ITT subsidiary Heinrich Himmler have funded. About the C. Lorenz AG held 25 % shares in ITT Focke- Wulf, whose majority owner of the coffee trade - Aktien-Gesellschaft ( Coffee Hag ) of the entrepreneur Ludwig Roselius, a member of the SS -promoting was. After Roselius ' death in 1943, ITT was 29% with the largest shareholder of Focke- Wulf. The shares of Kaffee Hag have fallen from 38% to 27 % - 4 million RM Capital went to different investors. A Testament of Dr Roselius is gone.
Time of the acquisitions (1959-1978)
From 1959 to expand ITT under the leadership of Harold Geneen in other industries such as insurance ( and Others Hartford, Abbey Life ), car rentals ( Avis Rent A Car), hotels (Sheraton ), automotive ( KONI ), satellite communications and fluid technology. As a result, ITT has developed into a typical conglomerate.
In the consumer electronics SEL took over in 1961, the Graetz KG and formed the group Audio - Video of the SEL. The German electron tubes and semiconductor manufacturers intermetallic ( INTERMETALL Society for Metallurgy and Electronics Ltd. ), based in Freiburg is taken over in 1965.
According to information provided ITT has link technology manufacturer Cannon Electric acquired in 1967, according to contemporary documents, this acquisition took place in 1963 but held.
In 1964 they acquired the rival Gilfillan Corporation.
In 1968 they acquired the construction company Levitt & Sons.
In Chile, ITT was early in the copper mining sector operates. With the impending election of socialist Salvador Allende, who was planning a nationalization of key industries, company bosses were involved from ITT in the CIA covert operations in Chile; the CIA advised ITT for example when the secret transfer of high amounts of money to the campaign of conservative presidential candidate Jorge Alessandri of Chile. Later manager of ITT put even a 18 -point program for the overthrow of Allende (see also CIA activities in Chile).
1979, the Group began to divest itself of some of its far-flung fields of activity.
The telecommunications sector with the German SEL 1986 was first introduced into a joint venture with the French Compagnie Générale d' Electricité ( CGE). This was taken over completely by CGE in 1988 and operated under the name Alcatel. Today, this division belongs to Alcatel -Lucent.
1988 took over the business for one pump of Allis -Chalmers.
First division ( 1995)
In 1995, the International Telephone and Telegraph Corporation was split into three companies:
- ITT Destinations, which operates in the hospitality industry group that later at Starwood Hotels & Resorts Worldwide opened and in 1999 the name ITT abandoned in favor of Starwood,
- ITT Hartford Group, today as The Hartford Financial Services Group, one of the largest investment and insurance companies in the United States,
- ITT Industries, under whose name the industrial enterprises were continued and in 2006 the name changed again in ITT Corporation.
The Freiburg intermetallic semiconductor plant of ITT was sold to the Swiss Micronas 1997.
In 1997, they acquired Goulds Pumps for $ 815 million.
In 2007, ITT with the EDO Corporation, a manufacturer in the field of defense and aviation technology.
Second division ( 2011)
End of October 2011, ITT has the water and wastewater segment under the name Xylem and Exelis business, the military as an independent, publicly traded company whose shares split off and overwritten the ITT shareholders. The core industrial business will continue to operate under the name of ITT Corporation.
Today ITT divided into the following business areas:
- Interconnect Solutions
- Industrial Process
- Control Technologies
- Motion Technologies
Used by ITT brands are inter alia Cannon, Goulds Pumps, Enidine and Torque system. The consumer electronics brand "ITT " in Germany came about Alcatel and Nokia for Karcher AG ( Birkenfeld ), which uses the trademark licensed on.