Exelis to Spin Off Military, Gov’t Services Business; David Melcher Comments

Exelis
Exelis‘ board of directors (NYSE: XLS) has approved a plan to spin off the company’s military and government services business unit, known as Exelis Mission Systems, into a new independent company by the summer of 2014. The new company will be led by Kenneth Hunzeker, president and general manager of the unit, and former ITT Corp. (NYSE: ITT) Chairman and CEO Louis Giuliano will serve as non-executive...

June GovCon M&A Activity Recap

Specialty cybersecurity and business analytics companies were in demand in the GovCon acquisition market in June, as a ship repair company acquisition, a spin-off and a major in-house merger capped the M&A landscape. Here are the ten deals GovCon wire covered in June. ITT Exelis acquired Space Computer Corp., a privately-owned producer of signal processing systems, software and algorithms. It will...

L-3 Board OKs Engility Spinoff Stock Distribution; Michael Strianese Comments

L3 Communications’ (NYSE: LLL) board of directors has approved the distribution of the remaining shares of its Engility subsidiary to all of its shareholders. L-3 said every shareholder of record as of July 16 will receive one share of Engility for every six shares of L-3 stock. “Engility will now be able to pursue new business opportunities unconstrained by organizational conflict of interest...

David Melcher Comments on Completed ITT Spinoffs

  David Melcher, ITT Exelis ITT Corp. (NYSE: ITT) has completed its previously announced separation plan, retaining its core industrial offerings and spinning off its defense and information solution business into ITT Exelis and its water technology and services business into Xylem. Open trading of Exelis (NYSE: XLS) and Xylem (NYSE: XYL) shares will begin Tuesday. ITT Corp. will now consist...

L-3 to Spin Off Some Government Services Into New Company; Strianese Comments

Michael Strianese, L-3 Communications L-3 Communications (NYSE: LLL) will spin off a new, publicly-traded government services company to its shareholders called Engility. Engility will provide systems engineering, technical assistance, training and operational support services and employ approximately 10,000 workers. Tony Smeraglinolo, current executive vice president of L-3′s services group,...