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ITT, originally International Telephone and Telegraph, was a large conglomerate that owned a variety of businesses during the 1960s under Harold Geneen. In the 1970s ITT was forced to sell off the majority of its holdings and became a shell of its 1960s glory. Image File history File links Wiki_letter_w. ... A conglomerate is a large company that consists of divisions of often seemingly unrelated businesses. ... Harold Sydney Geneen (January 22, 1910-November 21, 1997), was an outstanding American businessman. ... The 1970s decade refers to the years from 1970 to 1979, inclusive. ...

History

The company began as an operator of telephone monopolies outside of the United States, and purchased a number of European telephony patents. The telephone or phone (Greek: tele = far away and phone = voice) is a telecommunications device which is used to transmit and receive sound (most commonly voice and speech) across distance. ... It has been suggested that coercive monopoly be merged into this article or section. ... A patent is a set of exclusive rights granted by a state to a person for a fixed period of time in exchange for the regulated, public disclosure of certain details of a device, method, process or composition of matter (substance) (known as an invention) which is new, inventive, and...

Growth

In the 1930s, ITT purchased the German electronic companies Standard Elektrizitaetsgesellschaft and Mix & Genest, both international active companies.

During the 1950s, ITT purchased Philo Farnsworth's television company to break into the market. At that time Farnsworth was also developing the Fusor. In 1951, ITT bought a majority interest in the Kellogg Switchboard & Supply company (founded in 1897) and bought the remaining shares the next year. ITT changed the name to ITT Kellogg. After merging Federal Telephone and Radio Corporation into ITT Kellogg and combining manufacturing operations the name was changed again to ITT Telecommunications. Philo Taylor Farnsworth (August 19, 1906 – March 11, 1971) was an American inventor who was the first to demonstrate and patent a working electronic television system. ... US3386883 - fusor — June 4, 1968 This article refers to the physical machinery, for the astronomical term see Fusor (astronomy). ...

In 1959 Harold Geneen was elected as CEO. Using leveraged buyouts, he turned the minor building of the 1950s into a major force during the 1960s. In 1963, ITT attempted to purchase the television network ABC for $700 million. The deal was halted by federal antitrust regulators who feared ITT was growing too large. In order to continue growing while not running afoul of antitrust legislation, it moved to acquire companies outside of the telecommunications industry. Under Geneen, ITT bought over 300 companies in the 1960s, including some hostile takeovers. The deals included well-known businesses like the Sheraton Hotel chain, Wonder Bread maker Continental Baking, Hartford insurance company, and Avis Rent-a-Car. ITT also absorbed smaller operations in auto parts, energy, books, semiconductors and cosmetics. Harold Sydney Geneen (January 22, 1910-November 21, 1997), was an outstanding American businessman. ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... A leveraged buyout (or LBO, or highly-leveraged transaction (HLT), or bootstrap transaction) occurs when a financial sponsor gains control of a majority of a target companys equity through the use of borrowed money or debt. ... The American Broadcasting Company (ABC) is a television and radio network in the United States. ... Antitrust is also the name of a movie, see Antitrust (film) Antitrust or competition laws are laws whose stated purpose is the promotion of economic and business competition by prohibiting anti-competitive behavior and unfair business practices. ... Hostile takeover can refer to: For the business usage see takeover. ... Starwood Hotels & Resorts Worldwide (NYSE: HOT) is a hospitality holding company based in White Plains, New York, USA. The company owns, operates, franchises and manages hospitality properities under the brands that it owns, including Sheraton. ... Wonder Bread Wonder Bread Slices Wonder Bread is a North American brand of extremely soft white bread. ... Interstate Bakeries Corporation (IBC) NYSE: IBCIQ is the largest wholesale baker and distributor of fresh bakery products in the United States, and is the owner of the Hostess, Wonder Bread, Dolly Madison, Butternut Breads, and Drakes brands. ... Avis Rent A Car System Inc. ...

ITT's sales grew from about $700 million in 1960 to about $8 billion in 1970, and its profit from $29 million to $550 million. However, when the higher interest rates started eating away at profits in the late 1960s, ITT's growth slowed considerably.

In 1970 ITT owned of 70% of Chitelco, the Chilean Telephone Company and funded El Mercurio, a Chilean right-wing newspaper. Classified documents released by the CIA in 2000 suggest that ITT financially helped opponents of Salvador Allende's government prepare a military coup (National Security Archives). On September 28, 1973, ITT's headquarters in New York City, New York was bombed by protesters for alleged involvement in the overthrow of the democratically elected government in Chile. El Mercurio is a conservative Chilean newspaper with editions in Valparaíso and Santiago. ... The CIA Seal The Central Intelligence Agency (CIA) is an American intelligence agency, responsible for obtaining and analyzing information about foreign governments, corporations, and individuals, and reporting such information to the various branches of the U.S. Government. ... Allende may refer to: Salvador Allende, President of Chile Isabel Allende, Chilean writer and niece of Salvador Allende Fernando Allende, Mexican entertainer Isabel Allende Bussi, Chilean politician and daughter of Salvador Allende Ignacio Allende, Captain of the Spanish Army in Mexico Places Allende, Coahuila, Mexico Allende, Guanajuato, Mexico This is... A coup détat, or simply a coup, is the sudden overthrow of a government, usually done by a small group that just replaces the top power figures. ... September 28 is the 271st day of the year in the Gregorian calendar (272nd in leap years). ... 1973 (MCMLXXIII) was a common year starting on Monday. ... New York, New York redirects here. ...

Geneen remained CEO of ITT until 1977 while many conglomerates had removed their CEOs due to lack of profits. His successor, Rand Araskog, dismantled much of ITT, selling most of its holdings, including the last of ITT's telecommunications businesses.

The business historian Robert Sobel published ITT: The Management of Opportunity in 1982. Robert Sobel in a promotional photo for his publisher. ...

Breakup

In 1989, ITT sold all international telecommunications products business to Alcatel. Alcatel SA is a global company, headquartered in France that provides hardware, software and services to telecommunications service providers and enterprises. ...

ITT Kellogg was also part of the 1989 sale to Alcatel. The company was then sold to private investors in the U.S. and went by the name Cortelco Kellogg. Today the company is known as Cortelco (Corinth Telecommunications Corporation, named for Corinth, MS headquarters). Corinth is a city located in Alcorn County, Mississippi. ...

ITT merged its long distance division with Metromedia Long Distance, creating Metromedia-ITT. Metromedia-ITT would eventually be acquired by Long Distance Discount Services, Inc. (LDDS) in 1993. LDDS would later change its name to Worldcom in 1995. Metromedia (also often MetroMedia) was a conglomeration of radio and television stations in the United States that existed from the demise of the DuMont Television Network in the 1950s until the formation of the Fox Network in the 1980s. ... For a time, WorldCom (WCOM) was the United States second largest long distance phone company (AT&T was the largest). ...

In 1995, ITT Corporation split into 3 separate public companies:

• ITT Corp - In 1997, ITT Corp completed a merger with Starwood Hotels & Resorts Worldwide, selling off its non-hotel and resorts business.
• ITT Hartford (insurance) - Today ITT Hartford is still a major insurance company although it has dropped the ITT from its name altogether. The company is now know as The Hartford Financial Services Group, Inc.
• ITT Industries - Today ITT Industries still operates under this name and is a major manufacturing and defense contractor businesses. Effective July 1, 2006, ITT Industries will change its name to ITT Corporation as a result of its shareholders vote on May 9, 2006.

Starwood Hotels & Resorts Worldwide (NYSE: HOT) is a hospitality ownership, management, and franchise organization based in White Plains, NY. The company owns, operates, franchises and manages hospitality properities under its 8 owned brands. ... Categories: Possible copyright violations ... A defense contractor (sometimes called a military contractor) is a business organization or individual that provides products or services to a defense department of a government. ...

Noted Histories

• Robert Sobel, ITT: The Management of Opportunity, New York, Times Books, 1982. [Written with co-operation of ITT, but not an "official" history.]

Robert Sobel in a promotional photo for his publisher. ...

Trivia

1330 Avenue of the Americas in New York City, New York which was ITT's corporate headquarters prior to its merger with Starwood Hotels & Resorts was original owned by the ABC Television Network which ITT attempted to acquiring in 1963. After a financial downturn ABC moved out of the building and sold it to a Japanese conglomerate which then in turn leased a good portion out to ITT Corporation. The American Broadcasting Company (ABC) is a television and radio network in the United States. ...

External links

• ITT Industries
• Cortelco
• Nazi Involvement