HOW CLEANING HOUSE MAY HELP ITT CLEAN UP.

The article reports on the disinvestment efforts by U.S. conglomerate ITT Corp., under its chairman Rand V. Araskog, to focus on insurance and financial services. ITT has spun off System 12 and other telecommunications units into a joint venture called Alcatel, which will be run by French firm Compagnie Generale d'Electricite. Plans for ITT's Rayonier, Sheraton, Communications Operations and Information Services, Hartford Insurance, STC PLC and its avionics business are also discussed. INSET: ED CARPENTER: ITT'S FIELD MARSHAL AND MR. FIXIT.