Diversified manufacturer ITT Corp. (NYSE: ITT) announced Monday that it has agreed to sell its defense advisory business, CAS Inc, to Wyle Inc for $235 million, according to Reuters.
ITT announced it would sell the unit in late July after forecasting a lower-than-expected third-quarter profit.
The U.S. Congress last year passed a law requiring the Pentagon to tighten rules on potential conflicts of interest, amid concerns that many defense companies offer services that include advising government agencies on programs that they end up bidding for.
The company said it will focus on growth in other parts of its business.
ITT said the unit, which is based in Huntsville, AL, employs about 1,100 people and the sale is expected to close by the end of the year.
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