Water Industry News

ITT announces 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.