ITT Inc.

Lore & Background

The company was founded in 1920 by brothers Hernand and Sosthenes Behn, former sugar brokers and military officers. Hernand served as its first president until his death in 1933, growing its assets to over $500 million. ITT's early expansion included consolidating telecom operators in Spain into Telefónica in 1923 and acquiring International Western Electric in 1925 for $30 million, renaming it International Standard Electric Corp. During the 1920s, it also acquired All-American Cables, Commercial Cable, Postal Telegraph, and Mackay Radio and Telegraph.

In the Nazi period, ITT's German subsidiaries had connections to the regime. Sosthenes Behn met Adolf Hitler in 1933. ITT subsidiaries reportedly made cash payments to SS leader Heinrich Himmler, and through its subsidiary C. Lorenz AG, ITT owned 25% of Focke-Wulf, the German aircraft manufacturer. In the 1960s, ITT won $27 million in compensation for damage to its share of the Focke-Wulf plant from Allied bombing. ITT also owned shares of Signalbau Huth, which produced radar equipment and transceivers for the German Wehrmacht.

Post-war, ITT purchased Philo Farnsworth's television company in 1951 and bought a majority interest in Kellogg Switchboard & Supply Company, renaming it ITT Kellogg. In 1968, ITT acquired timberland company Rayonier and homebuilder Levitt & Sons, and developed the master-planned community Palm Coast in Florida. It also acquired Sheraton Hotels and Resorts in 1968 for $200 million in stock. ITT divested its telecommunications assets in 1986, sold its hospitality portfolio in 1995, and the current company was founded as a spinoff in 1996 as ITT Industries, Inc., later renamed ITT Corporation in 2006 and ITT Inc. in 2016.

Reader's Guide

ITT Inc. evolved from a global telecommunications conglomerate into a focused industrial manufacturer. Its significance lies in its long history of acquisitions and divestitures, which reshaped the company multiple times. The 2011 spinoff of its defense businesses into Exelis (now part of L3Harris Technologies) and its water technology business into Xylem Inc. marked a major shift. The company's legacy includes brands such as Goulds Pumps, Cannon connectors, KONI shock absorbers, and Enidine components, which remain active in aerospace, transportation, energy, and industrial markets. ITT's history also includes controversial involvement with Nazi Germany through its subsidiaries, including payments to Himmler and ownership in Focke-Wulf. The company's community development projects, such as Palm Coast in Florida, reflect its diversification beyond telecommunications. Today, ITT operates in more than 35 countries with over 10,000 employees, serving customers in over 100 countries.

Did You Know?

• ITT was founded on June 16, 1920 as International Telephone & Telegraph Corporation.
• In 1968, ITT acquired Sheraton Hotels and Resorts for $200 million in stock.
• The company changed its name to ITT Inc. in 2016.