ITT shareholders will own shares in all three corporations following the completion of the tax-free spinoffs.
ITT’s current water and wastewater, residential and commercial water and flow control businesses will become the company Xylem. It will provide equipment and services such as collection and distribution.
The company’s current defense and information solutions segment will become ITT Exelis and provide C4ISR-related products, systems, information and technical services.
Xylem intends to list under the symbol XYL and ITT Exelis under XLS, both on the New York Stock Exchange.
Its core industrial business will continue under the ITT Corporation name and trade as ITT on the NYSE. It will engineer and manufacture critical aerospace, transportation, energy and industrial components.
ITT Corp intends to attract business in niche markets for harsh-environment connectors, aerospace actuation and valves, friction brake pads, railway equipment and industrial process applications.
“We are confident that these new businesses will emerge as leaders in their respective industries and firmly believe that ITT Corporation, Xylem and ITT Exelis are all well positioned to create value for shareholders, ” said Steve Loranger, chairman, president and CEO of ITT.