ITT restructures defense arm, will cut 2 percent to 3 percent of staff in 2010

ITT restructures defense segment, to cut jobs

WHITE PLAINS, N.Y. — Defense contractor ITT Corp. says it will restructure its defense segment and cut jobs in 2010.

The segment will be renamed ITT Defense and Information Solutions and its current seven separate business units will be consolidated into three: Electronic Systems, based in Clifton, N.J.; Geospatial Systems, based in Rochester, N.Y.; and Information Systems, based in Herndon, Va.

The company says it is restructuring to boost its technology offerings and streamline operations.

The defense segment is ITT’s largest business, making up more than half of its total revenue.

Spokesman David Albritton says ITT plans to cut 2 percent to 3 percent of its 24,000 work force during the year.

The company also reaffirmed 2010 earnings guidance of $3.85 to $4.05 per share. Analysts predict a profit of $3.74 per share.