WHITE PLAINS, N.Y.-- ITT Corporation (NYSE:ITT) announced that it has completed its acquisition of ITT Cannon Korea Ltd., cementing a long-standing 20-year joint venture distribution business which sells ITT Cannon brand connector products in South Korea and China. “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,” commented Bill Taylor, president of ITT Interconnect Solutions.
According to a press release, 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. ITT connectors can be found in applications such as military radios, headsets and GP devices, as well as diagnostic medical equipment and ultrasound machines, computers and handheld devices, and other highly engineered and specialty applications.
More Info: ITT Corporation
Jenny Schiavone, +1-914-641-2160
jennifer.schiavone@itt.com
www.itt.com
Press Release: ITT Acquires Full Ownership of South Korean Joint Venture (businesswire)
