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ITT Industries Awarded $1.3 Billion Contract to Modernize U.S. Air Force Spacelift Ranges

Press Release From: ITT Industries
Posted: Tuesday, November 14, 2000

ITT Industries, Inc. has been awarded a contract to modernize the U.S. Air Force Spacelift Range System (SLRS). The SLRS contract will provide the Department of Defense, NASA and commercial customers a highly reliable, integrated system to support space missions including spacecraft launch, ballistic missile and aeronautical testing. The initial award is for $81.2 million with total contract value expected to be $1.3 billion over the 10-year contract period.

Under the contract, ITT Industries' Systems Division will provide for modernization and maintenance of the Eastern Range at Cape Canaveral Air Station in Florida and the Western Range at Vandenberg Air Force Base in California. Work will include systems engineering, instrumentation modernization design and development, configuration and data management, software maintenance and depot level maintenance. The contract also includes support for the Multiple Object Tracking Radar at the Eastern and Western Ranges, White Sands Missile Range, N.M., and at locations in the United Kingdom.

``ITT Industries has more than 40 years experience managing the Western Range at Vandenberg Air Force Base. This win further strengthens us in this market and establishes ITT as a major systems engineering and integration contractor, '' said Jim Cameron, President & General Manager, ITT Industries, Systems Division. ``Our integrated team, including the Boeing Company and L-3 Communications, brings world class spacelift range sustainment, modernization, and operations expertise to this program.''

ITT Industries, Inc. (http://www.itt.com) supplies advanced technology products and services in key markets including: electronic interconnects and switches; defense communication, opto-electronics, information technology and services; fluid and water management and specialty products. Headquartered in White Plains, NY, the company generated $4.6 billion in 1999 sales, and employs approximately 38,000 people around the world.

Certain material presented herein consists of forward-looking statements which involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in, or implied from, such forward-looking statements. Such factors include those set forth in Item 1. Business and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations -- Forward-Looking Statements in the ITT Industries, Inc. Form 10-K Annual Report for the fiscal year ended December 31, 1999, and other of its filings with the Securities and Exchange Commission.

In addition to the New York Stock Exchange, ITT Industries stock is traded on the Midwest, Pacific, London, Paris and Frankfurt exchanges.

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