![]() ![]() Behn provided the rest by placing influential Spaniards on the board of ITT ’s new company, CTNE, and charming the appropriate members of the Spanish government. ![]() However, the company ’s consistent growth and steadily expanding earnings, coupled with the support of National City Bank, provided Wall Street analysts with a good reason to support ITT ’s venture into the Spanish telephone market. ![]() Timing was crucial due to the fact that before 1924 ITT ’s securities were a questionable issue on Wall Street. The combined effects of good timing, well-placed connections, and Sosthenes ’ charm brought ITT the concession for telephone service in Spain in 1924. The way ITT expanded into the European market provided an example of the way it would conduct business during most of the Behn era. Behn intended to achieve this international system via ITT, which he and his brother Hernand formed in 1920 as the holding company for their existing companies and for those they would acquire. Sosthenes Behn ’s tour of duty with the American Expeditionary Force in World War I (where he gained the rank of Lieutenant Colonel) set in motion his vision for an international telephone system. They had operated South Puerto Rico Telephone Company since 1905 and Cuban Telephone Company since 1916, and in both cases they used ingenuity and skill to transform inefficient companies into well-run, profitable operations with good service records. At that time, three companies, Siemens, Ericsson, and AT&T, dominated what there was of the world market.Īlthough theirs was a small company, the Behns were well-positioned to compete in the growing international market. reported 64 phones per 1,000 inhabitants, while Germany was estimated to have nine phones per 1,000 inhabitants, Britain five per 1,000 and France three per 1,000. Louis Richard Sosthenes Behn and his brother Hernand founded ITT in 1920, they expected to take advantage of an industry market that barely existed outside of the United States. Araskog, who inherited a sprawling, debt-ridden giant, whittled ITT down and divested its namesake telecommunications interests. Geneen later took over the corporation and, believing that diversity facilitated growth, molded ITT into one of the world ’s largest conglomerates. Behn founded the company in 1920 with the intention of creating an international telephone system modeled after American Telephone and Telegraph. Sosthenes Behn, Harold Geneen, and Rand V. ITTs history is interwoven with the lives of three men: Col. Once known primarily as a telecommunications company, the International Telephone and Telegraph Corporation (ITT) has interests in financial and business services, the manufacture of automotive and defense products, and hotels. SICs: 6331 Fire, Marine and Casualty Insurance 3714 Motor Vehicle Parts and Accessories 6141 Personal Credit Institutions 3812 Search and Navigation Equipment 2611 Pulp Mills 3674 Semiconductors and Related Devices 3594 Fluid Power Pumps and Motors 6153 Short-Term Business Credit Institutions, except Agricultural 6321 Accident and Health Insurance 6311 Life Insurance 3679 Electronic Components, Not Elsewhere Classified 3494 Valves & Pipe Fittings, Not Elsewhere Classified 7011 Hotels and Motels Stock Exchanges: New York London Paris Basle Bern Frankfurt Tokyo Vienna Geneva Lausanne Brussels Antwerp Zurich Boston Cincinnati NASDAQ Philadelphia Pacific International Telephone and Telegraph Corporation ![]()
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