ITT Agrees To Buy Remote Sensing Systems For $725 Million

White Plains, N.Y.-based ITT Industries [NYSE: ITT] signed a definitive agreement to purchase the Remote Sensing Systems (RSS) business from Eastman Kodak Co. [NYSE: EK] for $725 million to significantly broaden the buyer’s existing capability.

ITT, whose customers include the U.S. Defense Department and other government agencies, the scientific community, and commercial customers, will be able to tap the high- resolution satellite imaging systems and image information processing services of RSS. The combination of the two businesses will create a spectrum of 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.