ITT Corporation today announced it has reached a definitive agreement with SRA International, Inc. (NYSE: SRX) under which ITT will acquire SRA's Airport Operations Solutions (AOS) group, a leading provider of airport solutions in North America since 1974. Today more than 50 major airports enjoy the operational benefits of AOS's secure centrally managed web-based airport operation management platform, AirScene.com, which provides critical airport business functions such as revenue, surface operations and noise management. The AOS group reported revenue of approximately $3.5 million in the 12 months ended June 30, 2010 and employs 17 full time people located in Herndon, Va.; Austin, Texas; and Boston, Mass.
"The AOS group's strong customer relationships and deep operational experience, coupled with a proven suite of web-based applications, complements ITT's culture of providing superior solutions through engineering innovation," said Dave Melcher, president of ITT Defense and Information Solutions. "The addition of the AOS group will strengthen ITT's business portfolio as we accelerate our commercial strategy for growth in the air traffic management industry."
ITT recently launched its commercial aviation data service that is positioned to be a single, trusted source of nationwide real-time surveillance and flight information which, when integrated with a suite of aviation business intelligence applications, can be used to optimize and streamline operations of airport operators, airlines and aviation service companies.
"The fusion of ITT's complete, accurate, and rapidly updating data service that provides tracking and flight data of all aircraft operating in the U.S. national airspace system with the AirScene.com application suite on one centrally hosted platform will allow ITT to rapidly deliver cloud-based business intelligence solutions that solve our aviation customers' pressing operational needs," said John Kefaliotis, ITT's vice president of next generation transportation systems. "We believe this comprehensive yet intuitive web-based application suite can now be deployed much faster and at a significantly lower cost to almost any airport and airline customer while instantly delivering operational benefits."
The terms of the agreement were not disclosed. The transaction is expected to close within the fourth quarter of 2010, pending regulatory approvals.
About ITT Information Systems
ITT Information Systems provides networked decision support solutions to government and commercial customers through sophisticated information integration and protection, such as next generation air traffic management solutions and cyber security. ITT is currently under contract with the FAA to deploy, operate and maintain the Automatic Dependent Surveillance-Broadcast (ADS-B) system, the cornerstone technology of NextGen that will transform the ground-based air traffic control system of today to a more efficient, satellite-based system. ITT is fully meeting all ADS-B contract milestones in accordance with an aggressive schedule set by the FAA in 2007.
About ITT Corporation
ITT Corporation (itt.com) is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company reported 2009 revenue of $10.9 billion.
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Investor Contact: Thomas Scalera / T: +1 914 641 2030 / E: thomas.scalera[.]itt.com.