Sep 28, 2010 - ITT Corporation Announces Acquisition of SRA International, Inc.
On September 20, 2010, ITT Corporation announced it will acquire SRA International, Inc.'s Airport Operations Solutions group, “a leading provider of airport solutions in North America since 1974.” This is yet another step in ITT’s efforts to diversify itself from its line of sprinkler and pipe related systems and former pump division which all led to liability in asbestos cases.
In 2009, ITT Corp recorded a special charge to continuing operations of US$131 million after tax in its third quarter for future asbestos-related liability claims. ITT’s safe harbor statement explains that “uncertainties with respect to [ITT’s] estimation of asbestos liability exposure and related insurance recoveries.” ITT and its subsidiary Goulds Pumps, Inc. have been named as defendants in product liability lawsuits alleging personal injury due to asbestos exposure to asbestos containing gaskets and packing.
In other asbestos lawsuits, it has been alleged that “former ITT companies were distributors for other manufacturers’ products that may have contained asbestos." Manufacturers or distributors of asbestos containing materials have been held liable for damages to plaintiffs diagnosed with mesothelioma and other asbestos related illnesses.
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