ITT Announces Names of Companies That Will Result from Spinoffs of Water and Defense Businesses
Future water company will be named Xylem.
Future defense company will be named ITT Exelis.
ITT Corporation to retain current corporate name and ticker symbol.
ITT Corporation announced the future names for its water technology and services business and its Defense & Information Solutions segment, which will become standalone companies following the completion of a previously announced separation plan. Upon completion of the spinoffs, the future water company will be named Xylem and the future defense company will be named ITT Exelis. ITT s core industrial business will continue under the ITT Corporation name. "We are pleased to announce the names of these new companies, as this represents an important step forward in our transformation,” said Steve Loranger, chairman, president and chief executive officer of ITT. “The names Xylem and ITT Exelis communicate the strength and unique positioning of our future businesses. 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.
Future water company will be named Xylem
Upon completion of the planned separation, the future water company will be named Xylem ( zi-lem) and will consist of the Water & Wastewater (including wastewater transport; biological, filtration and disinfection treatment and analytics), Residential & Commercial Water and Flow Control businesses. The name Xylem, derived from classical Greek, is the tissue that transports water in plants. It signifies the company s unique position in the marketplace as a leading equipment and service provider of a broad product line that addresses the full cycle of water – from collection, distribution and use to the return of water to the environment. Xylem also highlights the engineering efficiency of our water-centric business by linking it with the best water transportation of all -- that which occurs in nature.
Future defense company will be named ITT Exelis
Following completion of the planned separation, the future defense company will be named ITT Exelis (ik- sel-ess) and will be a leader in Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) related products and systems and information and technical services, supplying military, government and commercial customers in the United States and globally. ITT Exelis is an energetic name that is derived from the word “excel,” which is rooted in “ex,” meaning “out in front” or “beyond.” The name ITT Exelis signifies the expeditionary spirit, exceptional foresight and strong commitment to proactively anticipating and adapting solutions to our customers’ most critical problems.
ITT Corporation to retain current name
Following completion of the planned separation, ITT Corporation will retain the current corporate name, logo and “Engineered for life” company tagline. ITT Corporation will be a global specialist in the engineering and manufacturing of critical components that provide highly customized solutions for its customers. The company will be a leader in attractive niche markets such as harsh-environment connectors, aerospace actuation and valves, friction brake pads, railway equipment and industrial process applications. The strong reputation of the ITT name and its “Engineered for life” tagline represent the company’s ongoing focus on creating an enduring impact on the world through the focused application of engineering expertise to key industries that underpin the modern way of life.
Companies intend to list on the New York Stock Exchange
As previously announced, ITT will execute tax-free spinoffs to shareholders of its water technology and services business and its Defense & Information Solutions segment. ITT shareholders will own shares in all three corporations following the completion of the transaction. ITT Corporation will continue to trade on the New York Stock Exchange, under the symbol "ITT.” Both companies intend to have their common stock listed on the New York Stock Exchange. Xylem intends to list under the symbol “XYL” and ITT Exelis intends to list under the symbol “XLS.” Until completion of the spinoffs, ITT Corporation will continue to operate with the existing segment structure and division names. Xylem and ITT Exelis plan to unveil their new logos and further information on their new brands at a later date.
Source: ITT Inc.