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ITT Industries Completes Stanford Space/Defense Purchase
White Plains - December 14, 1999 - ITT Industries has completed its purchase of the space and defense communications business of Stanford Telecommunications, Inc. for $191 million in cash, subject to closing balance sheet adjustments. This business is a leading designer, manufacturer and marketer of advanced digital communications products and systems primarily for government customers. "Clearly, this acquisition strengthens our position in the growing communications and satellite end-use markets," said Travis Engen, chairman and chief executive of ITT Industries. "In addition, Stanford Telecommunications brings a set of contacts, skills and technologies to our company that can be applied across other business units and serve as a catalyst for growth for our entire defense segment." Stanford Telecommunications' space and defense communications business generated 1998 sales of approximately $121 million, and 1999 sales are expected to increase by approximately 17 percent. It will operate within ITT's Defense Products & Services segment, which accounted for $1.3 billion in revenues in 1998. Stanford Telecommunications' space and defense communications business' technical strengths include: system design, communication waveforms, modulation and demodulation techniques, ASIC design, radio frequency (RF) antennas and converters, software and firmware, asynchronous transfer mode design and advanced manufacturing techniques and processes. The business' primary locations in Colorado Springs, Colorado, Reston and Ashburn, Virginia, and Annapolis Junction, Maryland, closely match those geographic areas in which ITT Industries has existing facilities. The acquired business employs approximately 800 people.
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