ITT Exelis (NYSE: XLS) has sold its fiberglass reinforced pipe business to a Dubai-based company for an undisclosed sum as Exelis is aiming to target its investments in certain growth platforms.
Exelis is targeting future investments in the analytics, electronic warfare and ISR markets (intelligence, surveillance and reconnaissance), the company said Monday.
Future Pipe Industries Group is acquiring the Baton Rouge, La.-based Specialty Plastics Inc, which makes fiberglass pipes for the deep-water oil and gas industry.
“Although it’s a leader in its niche market, it lacks synergy with any of our other business areas, ” said John Shephard, Exelis senior vice president and chief strategy officer for Exelis.
“We are committed to more closely aligning our portfolio and investments around our strategic growth platforms, ” he said.
Exelis said the transaction is not material to its financial results for fiscal year 2013.