Posted: Jan 5, 2010 4:42 PM by Bea Karnes
Updated: Jan 5, 2010 4:42 PM
Defense contractor ITT Corp., which has an office in Colorado Springs, says it will restructure its defense segment and cut jobs this year.
ITT Systems, on Space Center Dr., is the ninth largest employer in Colorado Springs, according to the Colorado Springs Regional Development Corp. Company spokesman BJ Talley says there will be NO layoffs in Colorado Springs.
Under the restructuring, the defense segment will be renamed ITT Defense and Information Solutions and its current seven separate business units will be consolidated into three: Electronic Systems, based in Clifton, N.J.; Geospatial Systems, based in Rochester, N.Y.; and Information Systems, based in Herndon, Va.
The company says it is restructuring to boost its technology offerings and streamline operations.
The defense segment is ITT's largest business, making up more than half of its total revenue.
Spokesman David Albritton says ITT plans to cut 2 percent to 3 percent of its 24,000 work force during the year.