RSS is the world's leading supplier of high-resolution satellite imaging systems and image information processing services. The combination of the two businesses will create a full-spectrum satellite payload provider with the latest visible and infrared satellite imaging technology in the $6 billion remote sensing market. The transaction is subject to U.S. regulatory approval and customary closing conditions.

"The acquisition of RSS is a key component of ITT Industries' strategy to enhance our space businesses, an area we recognized a number of years ago as an attractive market that has grown in importance to our largest government customers," said Henry Driesse, President of ITT Industries Defense Electronics & Services.

"RSS has strong customer relationships, a reputation for quality and many innovative technologies. By combining RSS' offering with our own meteorological and navigational space payloads, we will create within our Defense Electronics & Services segment a new Space Systems Division that will be headquartered at RSS in Rochester, New York.

"The Space Systems Division will be a world leader in developing and integrating a full spectrum of space-based sensors and image information processing services for science, government and commercial applications."

"We expect to improve our competitive position and our ability to win new space programs in a market that has significant growth potential," Driesse said.

"We've identified a number of new programs where we will be better positioned to compete, including the next generation weather satellites, high-resolution imagery, Unmanned Aerial Vehicle (UAV) and small satellite applications for scientific and intelligence missions. Our combined expertise in the multi-spectral/hyperspectral, LIDAR and radar systems ensure that we will have technology leadership well into the future."

"This acquisition is an excellent example of ITT Industries' long-term strategy of building internally upon strong core businesses and, when appropriate, acquiring other assets that enable us to better meet the needs of our customers and create value," said Louis Giuliano, Chairman, President and Chief Executive Officer of ITT Industries.

"We anticipate being able to provide customers with a broader array of products and services, and we expect that this acquisition will be modestly accretive to ITT Industries' earnings in 2004. As such, we are tightening the range of our full year EPS forecast to $4.15-$4.25 per share."

ITT's space businesses, within the Defense Electronics & Services segment, provide a broad range of products and services including infrared meteorological sensors and navigational payloads, as well as ground-station satellite control services and space launch services.

ITT has provided sensors for every one of the NOAA operational weather satellites since 1978, and is currently under contract to maintain, sustain and modernize systems at the Jet Propulsion Laboratory's Deep Space Network for interplanetary missions.

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