Water Industry News
2-for-1 stock split
Rochester Business Journal
February 22, 2006
Shares of ITT
Industries Corp. stock Wednesday afternoon were trading at $52.95, the
first day of the company’s 2-for-1 stock split.
Adjusted for the split, the shares were down slightly from Tuesday’s
close of $53.09.
The stock split is ITT’s first since becoming an independent company in
1995. It is in the form of a stock dividend, providing each stockholder
with one additional share for each share owned.
Company officials visited the New York Stock Exchange on Wall Street today
to celebrate the stock split and its recent designation in Forbes magazine
as one of “America’s Best Managed Companies.”
Based in White Plains, ITT’s Space Systems Division employs nearly 1,900
workers here. Its fluid technology group includes facilities in Seneca
Falls and Auburn that employ some 1,100 workers.
The company recently formed Faradyne Motors LLC, a joint venture with
Minnesota-based Pentair Inc. Faradyne, a stand-alone company, will employ
up to 132 people in Newark and design, develop and manufacture submersible
pump motors, company officials said.