ITT Acquires Full Ownership of South Korean JV

ITT Corporation

announced today it has completed its acquisition of ITT Cannon Korea Ltd., building upon its long-standing 20-year joint venture distribution business, which sells ITT Cannon brand connector products in South Korea and China. The joint venture was formed in 1990 when ITT invested in a 51 percent stake -- with a Korean partner investing 49 percent -- to form ITT Cannon Korea, creating an important local distribution channel for ITT Cannon's wide array of connector products.