ITT to Divest More Subsidiaries

ITT Corp. said today it plans to divest a variety of subsidiaries valued at about $1.7 billion, stepping up a streamlining effort aimed at bolstering earnings and lowering its debt load.

The conglomerate, which has made telecommunications its primary focus, already has sold several subsidiaries since implementing an asset redeployment program a few years ago. The companies targeted in the new divestiture are 12 firms in its industrial technology group and others in natural resources.