ITT Completes Acquisition of Edo Corporation, Broadens High-Technology Aerospace and Defense Portfolio

(White Plains, N.Y., December 20, 2007) -- ITT Corporation (NYSE:ITT) today announced it has completed the acquisition of EDO Corporation, a global aerospace and defense company, for $56.00 per share plus the assumption of debt, which values the transaction at approximately $1.7 billion. The agreement to purchase EDO was announced on Sept. 17 and approved by EDO shareholders at a special meeting held Tuesday, Dec. 18.

"We believe EDO is an excellent strategic fit for our company and enhances our ability to meet the dynamic needs of our customers. EDO has talented people, proven technologies and strong customer relationships which offer wonderful complements to our business," said Steve Loranger, chairman, president and chief executive officer, ITT. "We're pleased the transaction closed smoothly and ahead of schedule, allowing us to turn our attention to integrating these two great businesses and unlocking the tremendous value anticipated from this combination."

Source : ITT Corporation

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