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Exelis Spins Off Gov’t Services Arm ‘Vectrus’

Exelis logoExelis (NYSE: XLS) has completed the spinoff of its mission systems business unit into a standalone company called Vectrus.

Vectrus will trade under the “VEC” ticker symbol beginning on Monday and aims to deliver information technology, infrastructure and supply chain management, network communication and logistics services in the government market, Exelis said Saturday.

The tax-free spinoff gives each Exelis stockholder one share of Vectrus’ common stock for every 18 Exelis shares owned as of Sept. 18.

Exelis says it wants to focus on bolstering its core aerostructure, ISR and analytics, electronic warfare and critical networks offerings.

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