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.
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