ITT acquires full ownership of South Korean joint venture

Purchase of remaining shares of ITT Cannon Korea to drive future growth for ITT Interconnect Solutions business in the region

WHITE PLAINS, N.Y., — ITT Corporation (NYSE: ITT) announced today it has completed its acquisition of ITT Cannon Korea Ltd., building upon its long-standing 20-year joint venture distribution business, which sells ITT Cannon brand connector products in South Korea and China.

The joint venture was formed in 1990 when ITT invested in a 51 percent stake — with a Korean partner investing 49 percent — to form ITT Cannon Korea, creating an important local distribution channel for ITT Cannon’s wide array of connector products.

“For the past two decades, our JV partnership has provided important revenue opportunities in this key emerging market, and ITT Cannon Korea is now poised for strong future growth,” said Bill Taylor, president of ITT Interconnect Solutions.

ITT connectors are used in products worldwide and can be found in a broad array of applications, such as military radios, headsets and GP devices, as well as diagnostic medical equipment and ultrasound machines, computers and handheld devices, and a host of other highly engineered and specialty applications.

ITT Interconnect Solutions, a business of ITT Corporation, is an international manufacturer and supplier of connectors including circular, rectangular, fiber optic, RF, power and high voltage, audio, PCMCIA, compact flash card, enclosures, cable assemblies, and application specific custom solutions. The Interconnect Solutions portfolio includes the brands Cannon, VEAM, and BIW. For more information on ITT Interconnect Solutions, please visit www.ittcannon.com.

About ITT Corporation

ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company reported 2010 revenue of $11 billion. www.itt.com.