ITT Cuts 3,400 Jobs
According to ITT, the company expects its 2001 revenues to be 4% less than last year’s level. The company is also expecting “continued weakness in the global economy, with difficult conditions in all geographic regions and many of our served markets” for 2002.
ITT’s connectors and switches operations were hit the hardest due to a decline in end-product demand. The company’s defense and water/waste-water-related businesses, on the other hand, faired better.
The company is predicting further revenue decline for its connectors and switches, a growth in the defense business, and flat revenue for the pumps division next year.
Publication date: 12/17/2001