ITT to acquire Northrop Grumman unit

ITT Ind. Inc. has signed an agreement with Northrop Grumman Corp. to acquire the VEAM/TEC division of Northrop's Component Technologies sector. ITT is a manufacturer of switches and keypads, as well as high-end electromechanical switches, connectors, smartcard connectors, network systems and services, and panel and switch assemblies.

On the other hand, Northrop's VEAM/TEC sector is engaged in the design and manufacture of cylindrical, filter and fiber-optic connectors for the military/aerospace, industrial, transit, entertainment, and nuclear markets.

"The acquisition of VEAM/TEC is consistent with our long-term strategy of expanding our footprint in higher-growth, profitable markets," said Gerry Gendron, SVP of ITT Ind., and president, ITT Ind. Cannon. "VEAM/TEC significantly broadens the product portfolio and capabilities we are able to offer to our customers, and its expertise in high reliability products is a perfect complement to our heritage of designing products for the harshest environments. It is a great fit for Cannon's existing business."