Kodak Sells Remote Sensing Systems to ITT Industries

Aug 13, 2004
Kodak Sells Remote Sensing Systems to ITT Industries

- ITT Industries' new Space Systems Division well positioned to address opportunities available in $6 billion science, government and commercial remote sensing markets
- RSS is ITT's third strategic acquisition in 2004, following plan to acquire companies that fit within core businesses


ITT Industries, Inc. today announced it has completed its purchase of the Remote Sensing Systems (RSS) business from Eastman Kodak Company for $725 million in cash. The acquisition significantly broadens ITT Industries' well-established space payload and service product offering for U.S. military as well as other government, commercial and scientific customers. The RSS business is a leading supplier of high-resolution satellite imaging systems and information services. The combination of the two businesses will create a full-spectrum satellite payload provider with the latest visible and infrared satellite imaging technology to serve the $6 billion remote sensing market.

"The completion of this acquisition establishes ITT Industries as a world leader in space-based imaging systems, with RSS' imaging and image information processing capabilities complementing ITT's weather and navigational payload and ground-based services offering," said Henry Driesse, President of ITT Industries Defense Electronics & Services. "The combined imaging businesses, to be called the Space Systems Division, will be developing and integrating a full spectrum of space-based sensors and image information services for government, commercial and scientific applications, a market segment we have long recognized as having strong growth potential."

Driesse noted that with the acquisition, the company will be better positioned to compete for a number of new programs, including the next generation weather satellites, high-resolution imagery and small satellite applications for scientific and intelligence missions.

"Our combined expertise in radio frequency, infrared and optical systems ensure that we will have technology leadership well into the future," Driesse said. "We anticipate being able to provide customers with a broader array of products and services."

The ITT Industries Space Systems offering includes:

- Sophisticated meteorological imagers and sounders used to track severe weather patterns for both commercial and military applications .
- Payload systems and components that have been part of every U.S. GPS navigation system ever launched.
- Intelligence, Surveillance and Reconnaissance (ISR) imaging systems that collect images and related information critical to our national security.
- Image information services that provide productivity enhancements to help analysts generate, visualize, utilize and disseminate that information.
- Leading software technologies that provide data visualization, image processing and data analysis capabilities.
- Commercial remote sensing and systems that provide high quality imagery information for a variety of applications from municipal planning and development to environmental monitoring.
- Space science systems that provide scientists and researchers with imagery and data necessary to understand our universe.

ITT Industries expects that its acquisition of the RSS business will be modestly accretive to ITT Industries' earnings in the full year 2004. The company reaffirmed that it expects full year 2004 EPS to be near the top of its forecast range of $4.40 - $4.50 per share.

RSS is the third significant strategic acquisition completed by ITT Industries in 2004, following the company's long-held strategy of acquiring companies within or adjacent to their existing strong core businesses. In January, ITT Industries completed its acquisition of Germany-based WEDECO Water Technology, the leading provider of UV and Ozone oxidation equipment for the water treatment market, and Shanghai-based Hengtong Water Technology.

About RSS
Remote Sensing Systems (RSS), headquartered in Rochester, New York, provides imaging solutions including digital imaging systems for commercial imaging satellites; optical systems for land- and space-borne telescopes; remote sensing image products, services, and systems integration; image and data analysis, visualization and application development software; and custom solutions. Remote Sensing Systems employs 1,800 people worldwide.

Source: ITT

Explore further: Blocks will go beyond just imagining a snap-together smartwatch

add to favorites email to friend print save as pdf

Related Stories

MasterCard, Zwipe announce fingerprint-sensor card

3 hours ago

On Friday, MasterCard and Oslo, Norway-based Zwipe announced the launch of a contactless payment card featuring an integrated fingerprint sensor. Say goodbye to PINs. This card, they said, is the world's ...

Plastic nanoparticles also harm freshwater organisms

4 hours ago

Organisms can be negatively affected by plastic nanoparticles, not just in the seas and oceans but in freshwater bodies too. These particles slow the growth of algae, cause deformities in water fleas and impede communication ...

Atomic trigger shatters mystery of how glass deforms

4 hours ago

Throw a rock through a window made of silica glass, and the brittle, insulating oxide pane shatters. But whack a golf ball with a club made of metallic glass—a resilient conductor that looks like metal—and the glass not ...

US company sells out of Ebola toys

13 hours ago

They might look tasteless, but satisfied customers dub them cute and adorable. Ebola-themed toys have proved such a hit that one US-based company has sold out.

UN biodiversity meet commits to double funding

13 hours ago

A UN conference on preserving the earth's dwindling resources wrapped up Friday with governments making a firm commitment to double biodiversity aid to developing countries by 2015.

Recommended for you

Facebook sues law firms, claims fraud

55 minutes ago

Facebook is suing several law firms that represented a man who claimed he owned half of the social network and was entitled to billions of dollars from the company and its CEO Mark Zuckerberg.

IBM 3Q disappoints as it sheds 'empty calories'

1 hour ago

IBM disappointed investors Monday, reporting weak revenue growth again and a big charge to shed its costly chipmaking division as the tech giant tries to steer its business toward cloud computing and social-mobile ...

User comments : 0