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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 of businesses for industrial, aerospace, transportation and oil and gas industries.

Exelis’ core defense offerings include tactical radios, night vision, GPS service and space-based weather forecasting, the company said in its release.

Xylem will continue ITT’s waste, residential and commercial water and flow control operations.

“Our new corporate autonomy and streamlined structure make us even more nimble in anticipating, reacting and responding to customers’ evolving needs with affordable, ready-now solutions, ” said Exelis CEO and President Dave Melcher.

“Our diversified portfolio, talented global workforce operating on five continents, long-standing commitment to innovation, and customer-centered culture ensure Exelis will provide immediate value to our customers, employees and shareholders.”

Other recent contractor spinoffs include L-3 Communications’ planned separation of some of its government services business into a new public company called Engility and Northrop Grumman’s March spinoff of its shipbuilding business, now known as Huntington Ingalls.

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