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U.S. manufacturer ITT Corp. plans to split itself into three companies to take advantage of the growing water and industrial markets as its defense unit prepares for U.S. military spending cuts.
Its shares rose 18 percent Wednesday, reaching their highest point since the fall of 2008. Get the full story »
Boeing Co. is slimming down its military aircraft business and cutting workers as the U.S. tightens defense spending and profit margins shrink.
Boeing’s military division makes the well-known Chinook transport helicopters, as well as the C-17 transport and the F/A-18 fighter-bomber.
The job cuts will start with 10 percent of the group’s executives. Boeing didn’t say how many more workers will lose jobs. It will consolidate six divisions of the business into four. Get the full story »
