ITT Industries to Lay Off 1,900 in Restructuring

ITT Industries Inc., a day after reporting a third-quarter loss, said it will lay off about 1,900 workers, or 3% of its global work force, mostly within its key automotive unit, in a restructuring. The former unit of ITT Corp., with about 60,000 employees worldwide, said its work force will be further slashed by the sale of some operations. This includes the sale by the ITT Automotive division of a body parts manufacturing operation in Bergneustadt, Germany, this year, the company said in a statement. The automotive division is one of the world’s largest independent suppliers of automotive systems and components. ITT Industries said the restructuring is designed to save the company $115 million a year by 1999 and raise its operating profit margin to 8%. The company said the moves were necessary. White Plains, N.Y.-based ITT Industries manufactures items ranging from electronics to auto components.