ITT Industries, Inc. has been awarded a contract to modernize the U.S. Air Force
Spacelift Range System (SLRS).
The SLRS contract will provide the Department
of Defense, NASA and commercial customers a highly reliable, integrated system
to support space missions including spacecraft launch, ballistic missile and
aeronautical testing.
The initial award is for $81.2 million with total
contract value expected to be $1.3 billion over the 10-year contract period.

Under the contract, ITT Industries’ Systems Division will provide for
modernization and maintenance of the Eastern Range at Cape Canaveral Air
Station in Florida and the Western Range at Vandenberg Air Force Base in
California.
Work will include systems engineering, instrumentation
modernization design and development, configuration and data management,
software maintenance and depot level maintenance.
The contract also includes
support for the Multiple Object Tracking Radar at the Eastern and Western
Ranges, White Sands Missile Range, N.M., and at locations in the United
Kingdom.

“ITT Industries has more than 40 years experience managing the Western
Range at Vandenberg Air Force Base.
This win further strengthens us in this
market and establishes ITT as a major systems engineering and integration
contractor, ” said Jim Cameron, President & General Manager, ITT Industries,
Systems Division.
“Our integrated team, including the Boeing Company and L-3
Communications, brings world class spacelift range sustainment, modernization,
and operations expertise to this program.”

ITT Industries, Inc. (http://www.itt.com) supplies advanced technology
products and services in key markets including: electronic interconnects and
switches; defense communication, opto-electronics, information technology and
services; fluid and water management and specialty products.
Headquartered in
White Plains, NY, the company generated $4.6 billion in 1999 sales, and
employs approximately 38,000 people around the world.

Certain material presented herein consists of forward-looking statements
which involve known and unknown risks, uncertainties and other important
factors that could cause actual results to differ materially from those
expressed in, or implied from, such forward-looking statements.
Such factors
include those set forth in Item 1.
Business and Item 7. Management’s
Discussion and Analysis of Financial Condition and Results of Operations —
Forward-Looking Statements in the ITT Industries, Inc. Form 10-K Annual Report
for the fiscal year ended December 31, 1999, and other of its filings with the
Securities and Exchange Commission.

In addition to the New York Stock Exchange, ITT Industries stock is traded
on the Midwest, Pacific, London, Paris and Frankfurt exchanges.