ITT Exelis to be new name for independent spin-off of ITT aerospace and defense business unit
WHITE PLAINS, N.Y., 15 July 2011.ITT Exelis is to be the new name of an independent publicly traded company spun off from the ITT Corp. (NYSE: ITT) aerospace and defense business unit following the completion of a previously announced separation plan, company officials announced. ITT Exelis, to be created from the ITT Defense & Information Solutions segment, will specialize in command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR), as well as military information technology for defense, government, and commercial applications.Creation of ITT Exelis is part of a plan to split the company into three independent companies that specialize in aerospace and defense technologies, water-related technologies, as well as rugged connectors and industrial control. The rugged connectors and industrial control segment will retain the ITT Corp. name, and the water company will be named Xylem. The new independent companies should be in place by the end of this year.ITT Exelis will trade on the New York Stock Exchange with the ticker symbol XLS. The new ITT Corp. will retain the current corporate name, logo, and “Engineered for life” company tagline, and specialize in engineering and manufacturing industrial components such as harsh-environment connectors, aerospace actuation and valves, friction brake pads, railway equipment, and industrial process applications. It will continue to trade on the New York Stock Exchange with the ticker symbol ITT.
The future Xylem water company, which will specialize in water and wastewater transport; water biological, filtration and disinfection, as well as residential and commercial water and flow control, will trade on the New York Stock Exchange with the ticker symbol XYL.
Current ITT shareholders will own shares in all three corporations. Until completion of the spin-offs, ITT Corp. will continue to operate with the existing segment structure and division names. For more information contact ITT Corp. online at www.itt.com.
Related stories
-- ITT to supply multi-spectral imaging capability to Army's night-vision goggles;
-- Harris Corp., ITT Corp. partner to accelerate availability of Soldier Radio Waveform;
-- ITT Corp. aids U.S. Air Force in delivering high-resolution imagery for ISR applications;
-- FAA clears ITT-deployed ADS-B system for nationwide rollout;
-- TT to provide electronic warfare systems for Norwegian Ula-class diesel-electric submarines; and
-- ITT Interconnect introduces rugged electrical connectors for transportation applications.
John Keller | Editor
John Keller is editor-in-chief of Military & Aerospace Electronics magazine, which provides extensive coverage and analysis of enabling electronic and optoelectronic technologies in military, space, and commercial aviation applications. A member of the Military & Aerospace Electronics staff since the magazine's founding in 1989, Mr. Keller took over as chief editor in 1995.
