ROCHESTER, N.Y., — September 01, 2010 — ITT Corporation (NYSE:ITT) announced today that it has received a contract from Lockheed Martin Space Systems, a major operating unit of Lockheed Martin Corporation, to continue building the imaging system for GeoEye’s next-generation Earth-imaging satellite, GeoEye-2. The GeoEye-2 imaging system consists of the camera and sensor subsystem, optical telescope unit and outer barrel assembly. ITT has been working on long-lead items for GeoEye-2 since October 2007, under a separate contract directly with GeoEye.

“ITT’s industry-leading imaging capabilities were critical to Lockheed Martin’s decision. ITT has engineered, manufactured and delivered the world’s most advanced and reliable remote sensing systems for more than 50 years,” said Chris Young, president, ITT Geospatial Systems. “Our integrated electro-optical payload will be highly advanced, and will provide unparalleled detail and multispectral geospatial precision.”

GeoEye-2 will be ready for launch in late 2012 and operational in early 2013. Current plans call for the 4600-pound satellite to be flown at an altitude of 652 kilometers which will yield a resulting ground resolution of 0.33 meters (13 inches). When operational, the satellite will provide the world's highest resolution and most accurate color imagery to government and commercial customers.

Bill Schuster, GeoEye’s chief operating officer said, “We are very pleased to continue our successful relationship by having ITT build the GeoEye-2 imaging system. GeoEye-2 will set yet an even higher standard in resolution than GeoEye-1. The work we’ve already done on GeoEye-2’s camera system greatly reduces development and schedule timelines ensuring the satellite will be fully operational in early 2013.”

ITT played a significant role building the imaging systems and sensors for the Lockheed Martin-built IKONOS spacecraft, the world's first commercial high-resolution satellite launched in 1999 and still operating today.

“ITT and Lockheed Martin have had a long and productive partnership since building the IKONOS satellite, which continues to provide outstanding Earth-imaging capabilities for our GeoEye customer,” said Allen Anderson, Lockheed Martin's GeoEye-2 program director. “Our GeoEye-2 satellite will build on our strong partnership to provide GeoEye with another high performance, mission effective solution for its customers.”

About ITT Geospatial Systems

ITT Geospatial Systems, headquartered in Rochester, N.Y., is a global supplier of innovative night vision, remote sensing and navigation solutions that provide sight and situational awareness at the space, airborne, ground and soldier levels. ITT Geospatial Systems solutions range from image and data capture to processing and dissemination. Key applications include image intensification and thermal imaging; advanced power supplies; multi-spectral image systems; weather and climate monitoring; space science; intelligence, surveillance and reconnaissance; GPS-based positioning, navigation and timing systems; and image exploitation software. Using our technologies, customers can move beyond mere image acquisition to image interchange and true knowledge sharing. www.geospatial.itt.com

About ITT Corporation

ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company reported 2009 revenue of $10.9 billion. www.itt.com



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