AIWA was a Japanese electronics company founded in 1951 that specialized in consumer electronics such as audio and video equipment. It was one of the largest electronics companies in the world until it declared bankruptcy in 2002. ITT was an American multinational conglomerate founded in 1920 that specialized in electronics, defense, and industrial technology. It was one of the largest conglomerates in the world until it split into three companies in 1995. Both AIWA and ITT were once powerful electronics giants in their respective countries.