ITT wins bid for air traffic system
A team led by ITT Corp. won a government contract worth as much as $1.8 billion to build the first portion of a new satellite-based air traffic control system.
The Federal Aviation Administration, which awarded the contract, said upgrading the system used to manage commercial and general aviation traffic would help reduce congestion on runways and in the skies and reduce operating costs.
White Plains, N.Y.-based ITT will receive $207 million for the first three years of its contract, which could take an additional 15 years to complete.
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