ITT (ITT -1.7%) realigns its defense divisions, consolidating seven units into three and cutting...

|About: ITT Corporation (ITT)|By:, SA News Editor

ITT (ITT -1.7%) realigns its defense divisions, consolidating seven units into three and cutting 2-3% of employees, targeted at office support rather than production. "It is a little bit of a maturation of thinking within the company from just simply being product-centric to being systems-centric," says unit president Dave Melcher, who expects the moves to save hundreds of millions of dollars.