0000216228-16-000130.txt : 20160624 0000216228-16-000130.hdr.sgml : 20160624 20160624164749 ACCESSION NUMBER: 0000216228-16-000130 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20160624 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities FILED AS OF DATE: 20160624 DATE AS OF CHANGE: 20160624 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ITT Inc. CENTRAL INDEX KEY: 0000216228 STANDARD INDUSTRIAL CLASSIFICATION: PUMPS & PUMPING EQUIPMENT [3561] IRS NUMBER: 135158950 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05672 FILM NUMBER: 161731570 BUSINESS ADDRESS: STREET 1: 1133 WESTCHESTER AVENUE CITY: WHITE PLAINS STATE: NY ZIP: 10604 BUSINESS PHONE: 914.641.2041 MAIL ADDRESS: STREET 1: 1133 WESTCHESTER AVENUE CITY: WHITE PLAINS STATE: NY ZIP: 10604 FORMER COMPANY: FORMER CONFORMED NAME: ITT Corp DATE OF NAME CHANGE: 20100308 FORMER COMPANY: FORMER CONFORMED NAME: ITT CORP DATE OF NAME CHANGE: 20060705 FORMER COMPANY: FORMER CONFORMED NAME: ITT INDUSTRIES INC DATE OF NAME CHANGE: 19951220 8-K 1 a8-k06242016iprestructurin.htm 8-K Document





UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report: June 24, 2016
(Date of earliest event reported)
 
ITT INC.
(Exact name of registrant as specified in its charter)
 
Indiana
 
1-5672
 
81-1197930
(State or other jurisdiction
 
(Commission
 
(I.R.S. Employer
of incorporation)
 
File Number)
 
Identification No.)
 
 

1133 Westchester Avenue
White Plains, New York
(Address of principal executive offices)

10604
(Zip Code)
 
 
(914) 641-2000
Registrant’s telephone number, including area code:  
 
Not Applicable
Former name or former address, if changed since last report
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 




Item 2.05.   Costs Associated with Exit or Disposal Activities.

On June 24, 2016, ITT Inc. (the “Company”) finalized several restructuring actions in the Company’s Industrial Process business to reduce the overall cost structure of the business in response to persistently weak oil and gas prices and its negative impact on the level of expenditures of our customers. The Company expects to incur pre-tax cash costs, principally involuntary severance costs for approximately 270 employees, of approximately $12 million to $13 million relating to these restructuring actions. The Company expects to substantially complete these actions during the next 6 months. The benefits from these actions, after full implementation, are expected to yield annual pre-tax cash savings to the Company of approximately $19 million. The benefit and cost estimates were included within the Company’s annual earnings estimates and range of expected restructuring and realignment costs for 2016 as disclosed on the Company’s year-end and first quarter 2016 earnings calls.





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
ITT INC.
(Registrant)
 
 
 
June 24, 2016
By:
/s/ Mary E. Gustafsson
 
 
Name: Mary E. Gustafsson
 
 
Title: Senior Vice President, General Counsel and
Chief Compliance Officer
(Authorized Officer of Registrant)