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AUSTIN, Texas (AP) - ITT Corp. has given investors plenty to be happy about so far in 2007, including expectation-topping financial results and a stock rise of almost 17 percent. But the strong performance hasn't silenced debate over another element of the company: Its acquisition strategy.
ITT, a defense contractor and industrial conglomerate based in White Plains, N.Y., has traditionally been an active dealmaker, but its pace has slowed dramatically even as its cash position has ballooned. It hasn't made any significant acquisitions this year, and it did only about a half dozen small deals last year, the most recent in June 2006.
The stock has performed well despite the company's dearth of activity on the acquisitions front, buoyed by strong sales of its military radios and night-vision goggles, and its water and sewage treatment equipment.
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