ITT is a diversified industrial manufacturer that makes highly engineered components for transportation, industrial, and energy markets. ITT operates through three segments. Motion Technologies, the largest segment, makes brake pads, shock absorbers, and rail damping components for the automotive and rail industries, selling both as original equipment to automakers and as aftermarket replacements. Industrial Process makes pumps, valves, and monitoring systems for energy, chemical, pharmaceutical, food and beverage, and mining markets — roughly 40% of segment revenue comes from aftermarket parts and services. Connect & Control Technologies makes high-reliability connectors, cable assemblies, and control components for aerospace, defense, and industrial markets. ITT's business model centers on designing products to platform-specific customer specifications, which creates switching costs and locks in recurring revenue for the life of a platform. OE platform wins also generate aftermarket pull-through at higher margins. ITT has been reshaping its portfolio toward higher-growth defense and flow-control businesses through M&A, including the acquisitions of Svanehøj (cryogenic pumps for LNG marine vessels) and kSARIA (defense cable assemblies). ITT is also pending the close of a ~$4.8B acquisition of SPX FLOW, which would add pumps, valves, and mixers for food and beverage, personal care, and chemical markets.