International Telephone & Telegraph ITT Information and History
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INTERNATIONAL TELEPHONE & TELEGRAPH (ITT)
Location--ITT's world headquarters are located at 320 Park Ave., New York, N.Y. 10022, and its European headquarters are in Brussels. ITT Continental Baking has its own headquarters on 25 acres in Rye, N.Y. Hartford Fire Insurance Company's home office is in Hartford, Conn.
How Created--On June 16, 1920, Sosthenes and Herman Behn incorporated ITT as a holding company to own the Puerto Rico Telephone Company, the Cuban Telephone Company, and 1/2 of the Cuban American Telephone and Telegraph Company. Sosthenes Behn chose the name International Telephone & Telegraph so investors would confuse his company with the long-established American Telephone & Telegraph. To add to the confusion, on September 30, 1925, AT&T sold its foreign manufacturing subsidiary International Western Electric, which had facilities in 11 countries, to ITT. The subsidiary, which ITT renamed ITT Standard Electric Corporation, transformed ITT overnight from an operator of Caribbean telephone utilities into a major international manufacturer of telecommunication equipment and systems. ITT later acquired the telecommunication manufacturing companies of another 11 countries. During and after W.W. II, ITT was forced to sell 3 telephone operating companies and 7 manufacturing companies, while 3 other telephone operating companies were expropriated.
Harold Sydney Geneen joined the company as its top officer in 1959, and in the next 15 years presided over the acquisition of 250 other companies. In the process, ITT's sales increased from $534 million in 1958 to over $10 billion in 1973, and income after taxes rose from $18 million to $528 million.
Size--ITT's major manufacturing and consumer service facilities include 27 locations in 18 States and Puerto Rico, and 23 locations in 15 foreign countries. Its manufacturing facilities in the U.S. and Canada occupy 29 million sq. ft., and its manufacturing plants in 22 other foreign countries cover 59,100,000 sq. ft., most which is in Western Europe. The company's hotels and motor inns are in 150 cities in the U.S. and Canada, and in 22 other foreign countries. ITT operates 420 urban and airport parking facilities, including those at airports in Paris and 16 major U.S. cities. The company has cables under the seas and satellites above the earth, which provide telecommunication services between the U.S., its possessions, the United Kingdom, the Philippines, Latin America, and the Caribbean; also these provide international telephone service for Puerto Rico, the Virgin Islands, Bolivia, Indonesia, and Panama. ITT has food plants in 7 States and operates 42 bakeries in 19 States, the District of Columbia, the Bahamas, and Mexico. The company has finance operations in 333 offices in 24 States and Puerto Rico, and sells insurance in the U.S., Puerto Rico, the Virgin Islands, Canada, and many other foreign countries. It owns, leases, and has cutting rights on over 2 million acres of timberlands in British Columbia, and owns 68,000 acres in Flagler County, Fla., where ITT plans to build a new city with a population that will reach 600,000 by the year 2000.
Who Rules--ITT's top management consists of 20 executives who work in the company's New York headquarters. The 2 top men are Chairman Harold Sydney Geneen and Vice Chairman, President, and Chief Operating Officer Francis J. Dunleavy. The officers are elected by an 18-member board of directors that includes 8 officers. The directors are elected by 157,390 stockholders owning 94,536,884 shares.
Who REALLY Rules--Although ITT is an international company, U.S. laws forbid aliens from owning more than 25% of the company. As of February 28, 1974, 17% of ITT's stock was held by non-U.S. citizens. Although the company refused to make public a list of its largest stockholders, large blocs of ITT stock, like that of most major corporations, are held by banks and brokers.
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