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.
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Unusually for ITT, this time profits have been hit hard rather than increased by sales of life destroying technology.
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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.
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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.
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