ITT buys maker of bomb ‘jammer’
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From Times Wire Reports
ITT Corp., the maker of pumps and night-vision goggles, agreed to buy EDO Corp. for about $1.58 billion to add products such as “jammers” that prevent remotely triggered roadside bombs from detonating.
ITT will pay about $56 a share for all of EDO’s outstanding common stock and shares available to investors who hold convertible debt. ITT also will assume about $123 million in debt.
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