WHITE PLAINS, N.Y., August 13 -- ITT Industries Inc. announced today it has completed its purchase of the Remote Sensing Systems (RSS) business from Eastman Kodak Co. for $725 million in cash. (See "ITT Industries To Acquire Kodak RSS Business," Photonics.com, Feb. 9.) The RSS business supplies high-resolution satellite imaging systems and information services.
Henry Driesse, president of ITT Industries Defense Electronics & Services, said, "The combined imaging businesses, to be called the Space Systems Division, will be developing and integrating a full spectrum of space-based sensors and image information services for government, commercial and scientific applications, a market segment we have long recognized as having strong growth potential."
Driesse said the company will now be better positioned to compete for a number of new programs, including next-eneration weather satellites, high-resolution imagery and small satellite applications for scientific and intelligence missions.
"Our combined expertise in radio frequency, infrared and optical systems ensure that we will have technology leadership well into the future," Driesse said. "We anticipate being able to provide customers with a broader array of products and services."
RSS is the third acquisition completed by ITT Industries in 2004, following its long-held strategy of acquiring companies within or adjacent to its core businesses. In January, ITT Industries acquired Germany-based WEDECO Water Technology, a provider of ultraviolet and ozone oxidation equipment for the water treatment market, and Shanghai-based Hengtong Water Technology.
For more information, visit: www.itt.com