EDO sold in $1.7B deal

Friday, September 21, 2007

By GINA HANNAH

Times Business Writer gina.hannah@htimes.com

Defense firm that bought CAS here will be part of ITT

EDO Corp., which has operations in Huntsville, has been purchased by ITT Corp., a global engineering and manufacturing company.

Documents filed with the Securities and Exchange Commission show that ITT will pay $56 for each share of EDO common stock in a deal valued at $1.7 billion. The transaction is expected to close early next year, pending shareholder approval.

EDO, a defense and aerospace company based in New York City, acquired Huntsville-based CAS Inc. last September, making it EDO's Engineered Systems and Services segment. CAS was founded in 1979 by William Stender and Fred Clark.

The Huntsville-based operation has about 1,000 employees.

EDO chief executive James M. Smith said employees, including those in Huntsville, should see no significant changes in their day-to-day operations because of the ITT purchase.

"Their quest is to build up the company and grow it," Smith said. "We bring tremendous capabilities to them."

EDO had 2006 revenue of $715 million. ITT, based in White Plains, N.Y., had $7.8 billion in revenue last year. Both companies are traded on the New York Stock Exchange.



EDO sold in $1.7B deal Friday, September 21, 2007 By GINA HANNAH Times Business Writer gina.hannah@htimes.com Defense firm that bought CAS here will be part of ITT EDO Corp., which has operations in Huntsville, has been purchased by ITT Corp., a global engineering and manufacturing company. Documents filed with the Securities and Exchange Commission show that ITT will pay $56 for each share of EDO common stock in a deal valued at $1.7 billion. The transaction is expected to close early next year, pending shareholder approval. EDO, a defense and aerospace company based in New York City, acquired Huntsville-based CAS Inc. last September, making it EDO's Engineered Systems and Services segment. CAS was founded in 1979 by William Stender and Fred Clark. The Huntsville-based operation has about 1,000 employees. EDO chief executive James M. Smith said employees, including those in Huntsville, should see no significant changes in their day-to-day operations because of the ITT purchase. "Their quest is to build up the company and grow it," Smith said. "We bring tremendous capabilities to them." EDO had 2006 revenue of $715 million. ITT, based in White Plains, N.Y., had $7.8 billion in revenue last year. Both companies are traded on the New York Stock Exchange. © 2007 The Huntsville Times © 2007 al.com All Rights Reserved.