ITT is a technology-oriented engineering and manufacturing company with the following business divisions and products:

Industrial Process Division—industrial pumps, valves, and monitoring and control systems; aftermarket services for the chemical, oil and gas, mining, pulp and paper, power, and biopharmaceutical markets.

Motion Technologies Division—durable brake pads, shock absorbers, and damping technologies for the automotive and rail markets

Interconnect Solutions—connectors and fittings for the production of automobiles, aircraft, railcars and locomotives, oil field equipment, medical equipment, and industrial equipment

Control Technologies—energy absorption and vibration dampening equipment, transducers and regulators, and motion controls used in the production of robotics, medical equipment, automobiles, sub-sea equipment, industrial equipment, aircraft, and military vehicles

Based on the above listing, would you say that ITT’s business lineup reflects a strategy of related diversification, unrelated diversification, or a combination of related and unrelated diversification? What benefits are generated from any strategic fit existing between ITT’s businesses? Also, what types of companies should ITT consider acquiring that might improve shareholder value? Justify your answer.