ITT to lay off 270 workers because of weak oil, gas prices

ITT Inc. said late Friday it plans to lay off about 270 employees to restructure against weak oil and gas prices. In a Securities and Exchange Commission filing, the engineering and technology company said it plans to spend $12 million to $13 million in severance costs over the next six months, and hopes to save $19 million a year on a pre-tax basis. ITT shares were unchanged at $32.85 after hours.

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