Araskog Keeps Itt Airborne

Can Rand Araskog keep ITT's stock price moving up? In an effort to do just that, Araskog is spinning off ITT's $965 million forest-products unit to shareholders as part of an effort to shed its volatile and less profitable businesses. Announced Dec. 8, the spin-off of ITT Rayonier is expected to help boost ITT's return on equity, which CEO Araskog has vowed to raise to 16% or 17% by 1995, from about 12% now. So far so good. ITT's stock is up 30% in a year and rose 2 3/8 points, to 91 1/8, on the news.

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