ITT Corp. Take 73% Drop in Profits Due to Deadly Products
* | 17.11.2009 09:09 | Anti-militarism | South Coast
Not content with mass murder through its arms manufacturing business (including EDO MBM in Brighton), ITT Corp.apparently found other ways to kill people with its civilian water pump division which till 1985 used asbestos gaskets in its products.
Unusually for ITT, this time profits have been hit hard rather than increased by sales of life destroying technology.
.
Unusually for ITT, this time profits have been hit hard rather than increased by sales of life destroying technology.
.
November 2, 2009 – Defense and industrial manufacturing company ITT Corporation saw a substantial decrease in third-quarter profits after a charge for asbestos claim liability.
As reported by Dow Jones Newswires, a $131-million asbestos liability charge has led to a 73-percent profit decrease for the conglomerate. ITT Corporation stated Friday its net income fell from $216 million to $59 million in the quarter.
The $131-million charge has reportedly been set aside for asbestos claims over the next decade.
***
Meanwhile hundreds of thousands of civilian deaths and injuries caused by ITT military products are unlikely to lead to a single successful legal claim for compensation.
The only remedy appears to be sabotage and direct action by those acting in solidarity with the victims.
As reported by Dow Jones Newswires, a $131-million asbestos liability charge has led to a 73-percent profit decrease for the conglomerate. ITT Corporation stated Friday its net income fell from $216 million to $59 million in the quarter.
The $131-million charge has reportedly been set aside for asbestos claims over the next decade.
***
Meanwhile hundreds of thousands of civilian deaths and injuries caused by ITT military products are unlikely to lead to a single successful legal claim for compensation.
The only remedy appears to be sabotage and direct action by those acting in solidarity with the victims.
*
Comments
Hide the following 2 comments
Kick 'um
17.11.2009 17:28
@nthony
Or any other ITT shareholders
17.11.2009 23:06
Barclays Global Investors UK Holdings Ltd 7,312,413 4.01 $325,402,378 30-Jun-09
NORTHERN TRUST CORPORATION 6,369,907 3.49 $283,460,861 30-Jun-09
VANGUARD GROUP, INC. (THE) 6,197,319 3.40 $275,780,695 30-Jun-09
STATE STREET CORPORATION 5,723,226 3.14 $254,683,557 30-Jun-09
DEUTSCHE BANK AKTIENGESELLSCHAFT 5,655,159 3.10 $251,654,575 30-Jun-09
Pictet Asset Management Ltd 3,442,332 1.89 $153,183,774 30-Jun-09
CULLEN CAPITAL MANAGEMENT, LLC 3,099,250 1.70 $137,916,625 30-Jun-09
BNP PARIBAS ASSET MANAGEMENT, SAS 2,706,323 1.48 $120,431,373 30-Jun-09
LORD ABBETT & CO 2,565,801 1.41 $114,178,144 30-Jun-09
VANGUARD/WINDSOR II 10,843,820 5.95 $535,684,708 31-Jul-09
Pioneer Ser Tr III-Pioneer Cullen Value Fd 2,507,350 1.37 $111,577,075 30-Jun-09
VANGUARD 500 INDEX FUND 1,745,662 .96 $77,681,959 30-Jun-09
SPDR TRUST SERIES 1 1,656,430 .91 $92,114,072 30-Sep-08
VANGUARD TOTAL STOCK MARKET INDEX FUND 1,598,965 .88 $71,153,942 30-Jun-09
COLLEGE RETIREMENT EQUITIES FUND-STOCK ACCOUNT 1,479,016 .81 $65,816,212 30-Jun-09
BRANDYWINE BLUE FUND 1,389,400 .76 $72,457,210 30-Sep-09
VANGUARD INSTITUTIONAL INDEX FUND-INSTITUTIONAL INDEX FD 1,242,859 .68 $55,307,225 30-Jun-09
American Beacon Large Cap Value Fd 930,300 .51 $46,589,424 31-Aug-09
VANGUARD SELECTED VALUE FUND 919,900 .50 $45,443,060 31-Jul-09
City Boy