Stocks & Investing
Stocks and Investing
Stocks and Investing
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Published in Stocks and Investing on Monday, February 23rd 2009 at 2:05 GMT, Last Modified on 2009-02-23 02:06:42 by Market Wire
ABU DHABI, United Arab Emirates--([ BUSINESS WIRE ])--ITT Corporation (NYSE: ITT) today signed an Executive Memorandum of Understanding with Emirates Advanced Investments (EAI) to formalize a partnership for exploration of business pursuits in the defense and security sectors of the United Arab Emirates (UAE). Dave Melcher, president of ITT Defense Electronics and Services, signed the agreement with Hussain Ibrahim Al Hammadi, chairman and chief executive officer of Emirates Advanced Investments, during the IDEX 2009 exhibition in Abu Dhabi.
"This partnership reflects EAI's commitment to helping protect defense and security personnel across the region," said Al Hammadi, on the signing of the partnership. "Because of ITT's leadership role and their state-of-the-art capabilities, we believe this agreement will be mutually beneficial for developing solutions to a wide variety of critical defense requirements in the UAE and possibly elsewhere."
In creating a new strategic partnership between the companies, this agreement will enable a strong alliance in the fields of communications, sensing and surveillance, space, and advanced engineering and services. The partnership will allow the two parties to explore and develop strategic opportunities.
"The UAE is a critically important market for ITT Defense, and we are honored and privileged to enter into a partnership with such a professional and enterprising team as EAI," said Melcher.
"The signing of this agreement formalizes a relationship of trust and confidence that we have mutually developed over the course of nearly a year," added Bernard J. Dunn, vice president of ITT Middle East Operations. "We are very much looking forward to the opportunity to work closely with EAI."
About ITT Corporation
ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company generated 2008 sales of $11.7 billion. [ www.itt.com ]
About Emirates Advanced Investments
Emirates Advanced Investments, located in Abu Dhabi, United Arab Emirates, was incorporated in 2005 to develop advanced technologies and high-quality services through strategic global partnerships with world-class manufacturing and service organizations.
