Founded in 1920, ITT Corporation, formerly known as International Telephone & Telegraph, is a diversified high-technology engineering and manufacturing company that designs, manufactures and distributes various products and services for water and fluid management, global defense and security, and motion and flow control. The company provides shock absorbers, suspension systems and pneumatic automation components for transportation, aerospace, industrial and electronics applications. It additionally offers pumps and valves for industrial, mining, pulp and paper, chemical and petroleum processing, as well as for biopharmaceutical applications. ITT Corporation also provides system integration, communication engineering and technical support solutions. It employs more than 40,000 individuals and serves in over 50 countries worldwide. The company is headquartered in White Plains, N.Y.