ITT To Acquire EDO

Fresh from winning FAA’s Automatic Dependent Surveillance Broadcast (ADS-B) contract, ITT Corp. said it will pay $1.7 billion to buy New York City-based EDO Corp. EDO designs and develops advanced systems for the military, including antennas, communications systems and surveillance systems. The transaction is expected to close in early 2008. EDO employs 4,000 people worldwide and had 2006 revenues of $715 million. "This combination is all about growth and demonstrates our disciplined approach to creating value for our shareholders by expanding from our strong core businesses and entering attractive adjacent markets," said Steve Loranger, chairman, president and CEO of ITT.