ITT Cannon: The global supplier of electronic...
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ITT Cannon: The global supplier of electronic components said Tuesday that it has formed a joint venture with China’s largest electronic connector company to produce electronic plugs and sockets for China’s telephone and VCR industries.
The agreement with Zhenjiang Connector Factory gives ITT Cannon, based in Santa Ana, a 51% stake in the venture. The connector market in China is expected to grow from $200 million last year to nearly $700 million by 1998, said Rand V. Araskog, chairman of ITT Corp., ITT Cannon’s parent company.
ITT Cannon will build plugs and sockets for China’s telephone switching stations and for the government’s VCR program from a ZCF facility near Shanghai.
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