Answer

Background

This report provides insights on ITT Inc. which is a leading manufacturing corporation of critical engineering products and technology solutions internationally for various markets such as water management, defence, food and beverage, power generation and transportation with huge presence in most regions of the world, including Europe, North Africa, Middle East, Africa, Asia and Latin America. It is currently headquartered in White Plains, New York, USA.

Company History

The company was founded in 1920 by Sosthenes Behn and Hernand Behn in Peurto Rico as a small telephone company called International Telephone & Telegraph (ITT). It later became an international telecommunication provider linking telephones worldwide. The company expanded vigorously afterwards into Europe and into the United States. Through acquisition, the company started becoming more diversified and involved in several industries, including banking and hospitality. Strategic expansion led ITT to split into independent segments under the main corporation providing essential engineering products and technology solutions to key gigantic markets around the globe.

Growth

ITT’s rapid internationalization is attributed to the strategic expansion strategy that capitalized on acquisition of rivals and companies in related and unrelated industries. According to Dnb (2020), ITT Inc. followed a very steady and continuous expansion strategy since its founding by acquiring major companies across the globe such as European telephone companies,  Elektrizitätsgesellschaft, Telefónica, Societatea Anonima Română de Telefoane, Levitt & Sons, Mackay Companies, Philo Farnsworth’s television, , STC, SEL, Sheraton Hotel chain, Wonder Bread maker, Continental Baking, several companies from Western Electric, largest shares of Focke-Wulf Flugzeugbau GmbH, 70% of CTC,  and Avis Rent-a-Car, thus continuously increasing its revenue and often maintaining stable healthy revenue growth rates.

Size

ITT’s stature as a public corporation listed on NYSE and S&P 400 justifies the massive size of the company. In addition, Dnb (2020) reiterates that the industrial manufacturers industry serves speciality industries such as aerospace, energy, defence, industrial markets, and transport sectors which are demanding industries. In terms of financial performance, ITT reported revenues of $2.585 billion in fiscal 2017 and an operating income of $309.7 million in the same period. This was a significant increase in revenue and income compared to fiscal 2016. However, its net income reduced to $113.5 million. The total assets increased to $3.70 billion and total equity rose to $1.596 billion in the 2017 financial year (MacroTrends, 2020). In total, ITT has more than 10,000 employees spread across 35 countries worldwide. A detailed breakdown of the latest revenue reports from the company are summarized in table 1 below. The table is accompanied by a graphical representation of the revenues for ease of comparison. Notably, the revenues have been increasing since fiscal 2017.

• Revenue:

Table 1: ITT Revenue and an accompanying graphical representation (MacroTrends, 2020)

This summarized graph depicts that ITT is still growing. The increase in revenue signifies prospects of better performance in the coming five years.

Culture

According to more than 1,179 reviews on Indeed.com, ITTs corporate culture scored 3.8/5. This figure is impressive compared to other firms in this industry. Some of the reviews praised ITT for having a productive and goal oriented culture. Others noted that the firm was highly professional in its pay structure and equitable opportunities for training and promotions. This particular reviewer was impressed by the firm’s emphasis on diversity of cultures and employees (Indeed, 2020). These attributes have enabled the firm to have great, functional, and efficient teams. Some reviewers however cited instances of overworking, and poor communication by the top leadership. Despite the review, Dnb (2020) explains that managing a conglomerate such as ITT comes with its fair share of challenges. However, the firm has tried its best in creating a culture of teamwork, outcome oriented, innovative, high ethics, clear communication, and stability. These elements are summarized in image 1 below.

Image 1: ITT’s Corporate Culture

Sense of the industry and ITT’s place within the industry

Evidently, ITT is a market leader in the industrial manufacturer industry. It is hard to accurately position the firm given its diverse portfolio of businesses. However, its revenues rank highly against rivals such as Theodore Gary & Company conglomerate. In addition, its specialization in the industrial manufacture of critical engineering technologies and components for vital markets presents ITT with a sustainable competitive advantage (Dnb, 2020). Some of ITTs primary products and services include biopharmaceutical, oil and gas, mining, defense, power generation, water management and general industries markets providing water pumping system, centrifugal pumps, valves, monitoring systems, motion technologies and after sales services including maintenance and enhancements services.

Vacancies/ Job Positions Available

ITT has advertised the position of a senior market researcher. The job description entails data collection, identifying and monitoring competitors, researching market conditions that affect sales, researching changes in the industry, evaluating existing products and services, evaluating potential markets, and analyzing data (Salary.com, 2020). Secondly, ITT is looking for a business intelligence expert. As advertised on Glassdoor (2020) this job requires the applicant to be competent in using existing databases to run complex reports. The applicants should also be involved in organic activities involving analysis of emerging markets. The third requirement is for the person to be competent in market testing for service and product development.