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The article provides information on the performance and operations of ITT Corp. According to Steven Gaffney, corporate vice president and president of the company's defense electronics and services segment, the war on terrorism and plans laid out in the Defense Quadrennial Review are among the major drivers of strategy of ITT to capture more business overseas. The company has expanded to areas including Korea and Warsaw, Poland while another office has been moved from Australia to Singapore. ITT's defense sector continues to grow despite the anticipated downturn in the U.S. defense industry.

The article reports on the $100 million penalty to be paid by diversified industrial manufacturer ITT Corp. for illegally sending classified night-vision technology used by the U.S. military to China, Singapore and Great Britain according to the U.S. Justice Department. It cites that ITT can reduce the penalty by investing in the development and production of advanced night-vision technology for the U.S. military. It notes that any reduction in the suspended fine needs approval from the U.S. Army.