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Company Description

Contact Info

1133 Westchester Avenue

White Plains, NY 10604

United States

Phone: 914-641-2000

Fax: 914-696-2950

in the United States, Mexico, Germany, and China, which provides customer support to approximately 2,500 global customers. Products are sold either directly to OEM’s, contract manufacturers and cable system operators or indirectly through partnerships with distribution companies. Control Technologies segment This segment, referred to as CT, manufactures specialized equipment, including actuation, fuel management, noise and energy absorption, and environmental control system components, for the aerospace and defense, and industrial markets. CT has a customer base, including end-users, OEM’s, and distributors. Channels to market include direct, commissioned representation and buy-resell distributors. CT consists of two business units, CT Aerospace and CT Industrial. CT Aerospace CT Aerospace designs and manufactures products for commercial aerospace, business aviation, defense, and other markets, which are part of long-lived platforms that provide for recurring aftermarket opportunities. Aircraft component products consist of fuel and water pumps, valves, electro-mechanical rotary and linear actuators, and pressure, temperature, limit, and flow switches for various aircraft systems. Aircraft interior products include various engineered elastomer isolators to protect equipment and keep the interior of the aircraft quiet, stowage bin rate controls, rotary hinge dampers and actuators, and seat recline locks and control cables. CT Aerospace also provides electromechanical seat actuation for premium seating products. Defense products include energy absorption applications and aerospace components. This segment’s 2015 acquisition of Hartzell Aerospace brings additional product capabilities in environmental control systems, including climate control and ice protection heaters, composite conveyance ducting and acoustically engineered inlets and exhausts for auxiliary power units. Majority of the products are sold direct to the customer by an in-house sales force. CT Aerospace utilizes a small third-party business for government spare parts distribution. CT Industrial CT Industrial designs, manufactures, and markets large and small bore shock absorbers, linear and rotary actuators, and process control instrumentation, such as high and low pressure regulators and flow, temperature, and pressure switches. The shock absorbers and actuators serve a range of applications in a diverse set of end-markets, including automotive production, packaging, and factory automation. The process control products primarily serve the chemical, petrochemical, energy markets. CT Industrial's large bore shock absorbers are custom designed to mitigate the damaging effects of seismic events on critical structures, such as buildings and bridges. In addition, CT Industrial has a direct and indirect sales channel providing value added services to its diverse customer base. Business Strategies The elements of the company’s strategy are disciplined organic growth through global market expansion and new product development, combined with operational improvements that focus on the principles of Lean Six Sigma to reduce costs and cycle times while improving overall productivity, quality, and safety on a continuing basis. Research and Development For the year ended December 31, 2015, the company recognized research and development expenses of $78.9. Seasonality The company’s businesses experience limited seasonal variations, with demand generally lower during summer months (the company’s third quarter (Year ended December 31, 2015)) mainly attributable to manufacturing shutdowns and the planned industrial maintenance activities of its customers. Revenue impacts from the limited seasonal variations are typically mitigated by its backlog of orders that allow it to adjust levels of production across the summer months. Environmental Matters The company is subject to stringent federal, state, local, and foreign environmental laws and regulations concerning air emissions, water discharges and waste disposal. In the U.S., these include, but are not limited to, the Federal Clean Air Act; the Clean Water Act; the Resource, Co

 

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Valuation ITT Industry Range
Price/Earnings 9.3x
Price/Sales 1.2x
Price/Book 2.0x
Price/Cash Flow 8.4x
TEV/Sales 0.8x
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