Home / Financial Report / ITT Exelis and Xylem Spinoffs to be Completed on Oct. 31, 2011

ITT Exelis and Xylem Spinoffs to be Completed on Oct. 31, 2011

Pursuant to its January 2011 announcement, ITT Corp. (NYSE: ITT) today announced that its board of directors has approved the distribution to its shareholders of all the outstanding shares of  Exelis Inc., its defense and information solutions business and Xylem Inc., its water technology and services business.

The company said that the distribution, which will result in three independent, publicly traded companies, will be effective on Oct. 31, 2011.

Each ITT shareholder will receive one common share of Fairfax County-based ITT Exelis and one common share of Xylem for each share of common stock of ITT held at the close of business on Oct. 17, 2011.

ITT currently has approximately 185 million shares outstanding.

The ITT board also approved a 1:2 reverse stock split for ITT, which will become effective after market close on Oct. 31, 2011, the distribution date for the spinoffs.

Previous spin-off coverage:

August 22: Markos Tambakeras to be Chairman of ITT Water Business Spin-Off Xylem

July 18: ITT Exelis to Establish Tysons Corner HQ; Will Invest up to $5M, Create 100 Jobs

July 14: ITT Announces Names, Provides Details of Spinoff Water and Defense Companies

Check Also

leidos_purple

Australia’s Defense Dept Awards $419M Contract to Leidos Subsidiary for IT Products, Services

Leidos‘ (NYSE: LDOS) Abacus Innovations Australia subsidiary has secured an estimated $418.7 contract from Australia’s defense department …

general-dynamics-hq

Fairfax County Board OKs General Dynamics Plan for Reston, Virginia HQ Site

General Dynamics (NYSE: GD) will move to establish a new corporate headquarters on a 21-acre property in Reston, …

Subscribe to our Newsletter
I will subscribe later