ITT - Company of the Year
Company: ITT, White Plains, NY, USA
Company Description: ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the energy, transportation and industrial markets. ITT has employees in more than 35 countries and sales in approximately 125 countries, and it generated 2017 revenues of $2.6 billion.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Manufacturing - Large
Nomination Title: ITT
Tell the story about what this nominated organization has achieved since 1 January 2017 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
Since becoming a focused multi-industrial company in 2011, ITT Inc. has put operational excellence, customer innovation and people at the forefront. ITT has continuously demonstrated its commitment to innovating for customers, engaging employees in a positive workplace culture, and leading the industry through sustainable business practices. ITT leaders are dedicated to advancing its place in the manufacturing industry through profitable growth and value creation and energizing employees. This combined focus on both performance and corporate culture is a fundamental tenet of ITT’s success, which is evidenced through its engaged leadership, strong financial results, and the sustained impact of its corporate reorganization and commitment to underpinning values and ethics.
For background, when Denise Ramos was named ITT CEO and President in 2011, she committed herself to developing an environment that engages and energizes employees, where the “how” we work is as important as “what” we create.
Under Denise’s leadership, ITT evolved its culture and defined anew the core of its DNA — delivering highly engineered and customized solutions through an intense focus on operational excellence, innovation, smart investment and people. While defining ITT’s principles of Impeccable character, Bold thinking and Collective know-how, Denise guided the company as it underwent an evolution that allowed it to better serve employees and ensure understanding of the real difference their everyday work makes in the world. These values now serve as a source of inspiration, motivation and guidance for ITT employees and leaders.
The results of these efforts have become especially apparent in the past year – a time when new technology is rapidly shaking up the manufacturing industry. Denise’s long-term campaign to spearhead a close assessment of ITT’s mission and values and implement a corporate-wide culture initiative to better match the common thread that unites ITT employees – their passion to make a difference and deliver sustainable solutions to partners – has helped ITT better achieve its day-to-day business demands while fostering the actions and behaviors that support its healthy, high-performing culture.
In addition to delivering success to partners, ITT was named to the Forbes 2018 List of America’s Best Midsize Employers and to City & State New York’s 2017 The Responsible 100 list,which both demonstrate the company’s commitment to employee engagement and ethical business practices.
ITT has continuously reported strong financial results and created innovative products that solve customers’ most challenging problems. In 2017, the company saw revenue increase 8 percent to $2.6 billion, which included $74 million from the company’s Axtone acquisition and a favorable foreign exchange of $30 million. Coming off this 2017 success, ITT reported record revenue in the first quarter of 2018, up 10% to $689 million, and raised the mid-point of its previously announced 2018 full-year adjusted EPS guidance by five cents to $3.05, which represents an 18 percent increase compared to the prior year.
ITT’s ongoing success is due in part to the intelligent and cost-effective products and solutions delivered to customers. For example, ITT Cannon recently introduced a high-performance, cable-to-cable connector series for reliable connections in harsh environments, and ITT’s Connect and Control Technologies Value Center total revenue increased 3 percent to $158 million partly due to record orders on share gains in rotorcraft and electric vehicle charging station markets. Both demonstrate ITT’s commitment to crafting new technologies that create more sustainable and future-forward solutions for customers.ITT’s leaders are dedicated to both finding the link between business strategy and culture and delivering shared success to partners. All are possible because ITT leaders recognize that across the company, employees are passionate about solving challenging problems and delivering on commitments.
ITT employees embed problem-solving and purpose into everything they do by creating long-term, sustainable value for stakeholders while maintaining a commitment to people, values and principles.Due to its passionate employees and innovative strategy, ITT is a visionary leaderin the manufacturing industry that makes exciting contributionsto society and the profession at large.
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2017 (up to 150 words).
-Forbes 2018 list of America’s Best Midsize Employers
-Responsible 100 Winner by City & State NY
-Strong 2017 financial results and 2018 Q1 results
-Innovative new rotorcraft, connector and actuator products from ITT Enidine, ITT Cannon and ITT’s Compact Automation brand
-ITT’s Motion Technologies business joined Stop the Crash, a global partnership promoting automotive crash-avoidance technologies
-Completed the acquisition of Axtone, strengthening ITT’s global railway presence
-Named Luca Savi to the new chief operating officer role, demonstrating ITT’s focus on driving business performance and strengthening its management system and processes
-Expanded the i-Alert Monitoring Solution portfolio, demonstrating a continued focus on IIoT
-ITT’s KONI brand introduced Glass Enterprise Edition, which has resulted in a 20% improvement in efficiency due to wearability on the shop floor video
-Goulds Pumps and Bornemann brands celebrated anniversaries marking more than 160 years of operation
Of the following measures of success, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2017? Overall Innovation