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ITT Technical Institute (ITT Tech) was a private for-profit technical institute with its headquarters in Carmel, Indiana and many campuses throughout the United States. Founded in 1969 and growing to 130 campuses in 38 states of the United States, ITT Tech was one of the largest for-profit educators in the US before it closed in 2016.
The announcement, which affects 40,000 students and 8,000 employees, is one of the largest college closures in US history.
In 1996, the current company was founded as a spinoff of ITT as ITT Industries, Inc. It later changed its name to ITT Corporation in 2006. In 2011, ITT spun off its defense businesses into a company named Exelis (now part of L3Harris Technologies ), and its water technology business into a company named Xylem Inc. [ 5 ] [ 6 ] ITT Corporation ...
The breakup of ITT (ITT) announced on Wednesday is yet more proof that the conglomerate model makes little sense in today's business world. The 91-year old company was once the leading industrial ...
Exelis Inc., was a global aerospace, defense, information and services company [2] created in October 2011 as a result of the spinoff of ITT Corporation's defense business into an independent, publicly traded company. [3] The company was headquartered in Tysons Corner, Virginia, USA and was led by CEO and President David F. Melcher.
On January 12, 2011, the ITT Corporation Board of Directors approved a plan to split the company. On October 31, 2011, ITT Corporation spun off its defense and water technology businesses to form three separate, publicly traded companies. Exelis, Inc. was the spin-off that contained EDO as a subsidiary.
Faced with the loss of educational accreditation and federal funding, which would have forced it to close, [7] [8] it was acquired by ITT Educational Services, Inc., the parent company of the ITT Technical Institutes, [9] in June 2009 for US$29.3 million. [7] [8] [10] The new owner converted the college to a for-profit institution. [11]
ITT Tech is nationally accreditedby the Accrediting Council for Independent Colleges and Schools [2]; it does not have regional accreditation, though individual campuses may [3]. I do not believe that the MHEC is an accrediting body. And even if it was, nowhere in the cited press release does it state that they accredited anything.