WHITE PLAINS, NY — ITT Industries, a manufacturer of electronic components, has announced that it will cut approximately 3,400 jobs due to the recent economic slowdown. Close to 800 ITT workers have been notified of the cuts, with the remainder of the reductions to take place in early 2002. The cuts will affect jobs in the U.S., as well as overseas.

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 interests 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, have fared better.

The company is predicting further revenue decline on its connectors and switches, a growth in the defense business, and a flat revenue on the pumps division for next year.

Publication date: 12/24/2001