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ITT Corporation Reaches Patent Settlement Agreement with Motorola

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^{Published in Stocks and Investing on Friday, July 16th 2010 at 10:15 GMT by Market Wire}  

WHITE PLAINS, N.Y.--([ BUSINESS WIRE ])--ITT Corporation (NYSE: ITT) announced that it has reached a settlement agreement with Motorola, Inc. regarding ITT's patent infringement claim for assisted-Global Positioning System (GPS) technology. The settlement agreement is expected to resolve all issues between the companies regarding ITT's claim that Motorola mobile devices incorporating assisted-GPS technology infringed ITT's patent rights. Details of the settlement will not be made available.

"ITT is pleased with this outcome, and our actions demonstrate that we remain fully committed to protecting ITT's valuable intellectual property portfolio"

"ITT is pleased with this outcome, and our actions demonstrate that we remain fully committed to protecting ITT's valuable intellectual property portfolio," said Frank Jimenez, vice president and general counsel for ITT.

Litigation concerning ITT's patent infringement claims continues against multiple other companies.

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 2009 revenue of $10.9 billion. [ www.itt.com ]