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ITT water businesses will continue philanthropic efforts after spin off

ITT Corporation announced Wednesday that its water businesses will continue its philanthropic programs after the companies split from ITT later this year, according to a company news release.

ITT announced plans earlier this year to spin off both its water and defense businesses by the end of 2011. The water company will be called Xylem. And it will continue to fund Watermark and the Stockholm Junior Water Prize. The former partners with Water For People, Mercy Corps and the China Women's Development Foundation to provide safe water, sanitation and hygiene education to people in developing countries and to help protect water resources from disasters.

Watermark was founded in 2008 with a three-year, $3 million commitment to provide water and sanitation to 300 schools in India, Honduras, China and Guatemala. ITT renewed its commitment to the program in 2010, pledging $10.5 million for three years. Xylem will carry out that promise, according to the news release.

The newly named company will also promote water education through the company's partnership with the Stockholm International Water Institute and its global sponsorship of the Stockholm Junior Water Prize. Since 1997, the Stockholm Junior Water Prize has become the most prestigious international award for water-related research, bringing together the world’s brightest young minds to foster their continued interest in solving current and future water challenges.