ITT, Inc.
| ITT, Inc. | |
|---|---|
| legal form | Corporation |
| ISIN | US45073V1089 |
| founding | 1920 |
| Seat | White Plains , United States |
| management | Denise L. Ramos |
| Number of employees | 10,000 |
| sales | 2,585,000,000 USD |
| Branch | Conglomerate |
| Website | www.itt.com |
| As of December 31, 2017 | |
ITT is a US conglomerate based in White Plains , New York .
history
Early years
The company was founded by Sosthenes Behn in Puerto Rico in 1920 as the International Telephone and Telegraph Corporation . The brothers Sosthenes and Hernand Behn came into contact with the telephone market when, as part of their work as a sugar broker, they received the Puerto Rico Telephone Company instead of unprofitable outstanding debts .
In 1923, Spanish telephone companies were acquired, from which today's Telefónica emerged. In the 1920s, other European telephone companies were acquired, including the Belgian Bell Telephone Manufacturing Company , which until then belonged to AT&T .
In Germany, ITT took over the international radio and telecommunications technology companies Mix & Genest and C. Lorenz AG in 1930 . With the takeover of G. Schaub Apparatebau , C. Lorenz AG began manufacturing radio receivers in 1940. Later the devices were initially marketed under the Schaub-Lorenz brand and then in 1958 the companies were merged to form Standard Elektrik Lorenz (SEL).
In the “ Third Reich ” ITT was closely associated with the Hitler regime. On August 3, 1933, Hitler received ITT founder and CEO Sosthenes Behn along with other American businessmen. According to Antony C. Sutton's book Wall Street and the Rise of Hitler , German ITT subsidiaries sponsored Heinrich Himmler . Via C. Lorenz AG, ITT owned 25% shares in Focke-Wulf , the majority owner of which was the Kaffee-Handels-Aktien-Gesellschaft ( Kaffee Hag ) of the entrepreneur Ludwig Roselius , a supporting member of the SS . After Roselius' death in 1943, ITT became the largest shareholder in Focke-Wulf with 29%.
Time of takeovers (1959–1978)
From 1959, under the leadership of Harold Geneen , ITT expanded into other industries such as insurance (including Hartford , Abbey Life ), car rentals ( Avis Rent A Car ), hotels ( Sheraton ), vehicle technology ( KONI ), satellite communications and fluid technology. As a result, ITT developed into a typical conglomerate .
In entertainment electronics, SEL took over Graetz KG in 1961 and formed the SEL audio-video group . The German electron tube and semiconductor manufacturer Intermetall based in Freiburg i. Br. Was taken over in 1965.
According to its own information, ITT took over the connection technology manufacturer Cannon Electric in 1967, but according to contemporary documents, this takeover took place in 1963.
In 1964 the rival Gilfillan Corporation was acquired .
In 1967 Alfred Teves GmbH was taken over in Germany.
In 1968 ITT acquired the construction company Levitt & Sons .
In Chile , ITT was early active in the copper mining sector. With the impending election of socialist Salvador Allende , a nationalization of key industries was planning ITT managers were in the covert operations of the CIA involved in Chile. For example, the CIA advised ITT on the secret transfer of large sums of money to the election campaign of the conservative Chilean presidential candidate Jorge Alessandri . Later, ITT managers even submitted an 18-point program to overthrow Allende (see also US intervention in Chile ).
Consolidation (1978–1995)
In 1979 the group began to part with some of its widely dispersed areas of activity.
The telecommunications division with the German SEL was first brought into a joint venture with the French Compagnie Générale d'Électricité (CGE) in 1986 . This was completely taken over by CGE in 1988 and initially operated under the name Alcatel, after a merger with Lucent under Alcatel-Lucent . In 2016, Alcatel-Lucent was integrated into rival Nokia .
In 1988 Allis-Chalmers took over the pumps division .
First split (1995)
In 1995 the International Telephone and Telegraph Corporation was split into three companies:
- ITT Destinations, the hospitality group that later became Starwood Hotels & Resorts Worldwide and abandoned the ITT name in 1999 in favor of Starwood,
- ITT Hartford Group, now known as The Hartford Financial Services Group, one of the largest investment and insurance companies in the USA,
- ITT Industries, under whose name the industrial companies were continued and which changed the name back to ITT Corporation in 2006.
The Freiburg Intermetall semiconductor plant of ITT was sold in 1997 to the Swiss Micronas (today TDK-Micronas ).
In 1997 Goulds Pumps was acquired for $ 815 million.
In 2007 ITT took over the EDO Corporation, a manufacturer in the armaments and aerospace technology sector.
Second split (2011)
At the end of October 2011, ITT spun off the water and wastewater segment under the name Xylem and the military business Exelis as independent, listed companies and transferred their shares to ITT shareholders. The industrial core business will continue under the name ITT Corporation .
In 2012, ITT Corporation took over the oldest German pump manufacturer, Johann Heinrich Bornemann from Obernkirchen . Since then the company has operated as ITT Bornemann GmbH.
Business areas
Today ITT is divided into the following business areas:
- Interconnect Solutions
- Industrial Process
- Control Technologies
- Motion Technologies
Brands
Trademarks used by ITT include: a. Cannon, Goulds Pumps, Enidine, and Torque Systems.
The consumer electronics brand "ITT" is not used by ITT Corporation itself, but by Karcher AG in Birkenfeld . Karcher is not part of ITT Corporation, but was granted the license rights to use the trademark on its products in 2006. In Germany, the brand goes back to the radio and television production of the former subsidiary Standard Elektrik Lorenz , which changed its brand "Schaub Lorenz" to "ITT Schaub- " after the establishment of an independent company group "Audio-Video-Electronics" with its main location in Pforzheim in 1979. Lorenz ”had changed. With the sale of the audio-video group to Nokia at the beginning of 1988, the right to the brand also changed and it was still used as "ITT Nokia" for a few years before the Finnish company withdrew from the production of consumer electronics in Germany.
literature
- Anthony Sampson : World Power ITT. The political affairs of a multinational corporation . Rowohlt, Reinbek 1973, ISBN 3-498-06104-6 .
Web links
Individual evidence
- ↑ a b Form 10-K Annual Report. ITT, February 16, 2018, accessed April 17, 2018 .
- ^ ITT History Book. (PDF) (No longer available online.) ITT, 2011, archived from the original on July 26, 2014 ; Retrieved July 17, 2014 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Other languages. Retrieved July 17, 2014 .
- ^ A b Anthony Sampson : The Sovereign State of ITT, Hodder and Stoughton . 1973, ISBN 0-340-17195-2
- ↑ a b ITT story. (No longer available online.) ITT Germany, archived from the original on October 17, 2017 ; Retrieved July 17, 2014 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ American Visits Hitler. Behn of National City Bank Confers With Chancellor in Alps. In: New York Times. August 4, 1933, accessed May 16, 2013 .
- ^ Receptions at the Reich Chancellor. In: Vossische Zeitung, Berlin, evening edition. August 4, 1933, p. 3 , accessed on May 16, 2013 (click on the picture on the right, then select page 5).
- ^ Ernst Klee : The culture lexicon for the Third Reich. Who was what before and after 1945. S. Fischer, Frankfurt am Main 2007, ISBN 978-3-10-039326-5 , p. 497.
- ^ History of Intermetall radiomuseum.org
- ↑ Acquires Assets. (Google Archive) In: Star News. December 4, 1963, accessed May 15, 2013 .
- ↑ federal-circuits.vlex.com ( Memento of the original from April 12, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ https://www.gifhorner-rundschau.de/gifhorn/article151971964/Familie-in-vierter-Generation-bei-Conti.html
- ↑ news.google.com
- ↑ ARA / BC: LGirdler: gcw: Church Subcommittee Hearings on Multinational Corporations. (PDF) US Department of State, March 28, 1973, accessed July 17, 2014 ( Church Committee report ).
- ↑ Virtual Reading Room Documents Search. US Department of State, accessed July 17, 2014 (Search by Keyword: ITT Church Alessandri).
- ↑ Note: artistically processed in a song of the proletarian passion of butterflies around 1977.
- ↑ ITT Industries Makes $ 815 Million Bid for Goulds Pumps. In: nytimes.com. Retrieved April 22, 1997 .
- ↑ ITT completes acquisition of EDO Corporation, broadens high-technology aerospace and defense portfolio ( Memento from April 11, 2013 in the web archive archive.today )
- ↑ ITT completes acquisition of EDO Corporation, broadens high-technology aerospace and defense portfolio. (No longer available online.) ITT December 20, 2007, archived from the original on July 26, 2014 ; Retrieved July 16, 2014 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ ITT announces names of companies that will result from spinoffs of water and defense businesses ( Memento from January 1, 2012 in the Internet Archive )
- ↑ ITT announces names of companies that will result from spinoffs of water and defense businesses. ITT, July 14, 2011, accessed July 17, 2014 .
- ↑ About Karcher. (No longer available online.) Karcher AG, archived from the original on December 22, 2016 ; Retrieved May 25, 2016 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
