[SatNews] The separation plan has now been completed by ITT…
ITT Exelis is to be the new name of an independent publicly traded company spun off from the ITT Corp. (NYSE: ITT) aerospace and defense business unit following the completion of a previously announced separation plan, company officials have announced. ITT Exelis, to be created from the ITT Defense & Information Solutions segment, will specialize in command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR), as well as military information technology for defense, government, and commercial applications. Creation of ITT Exelis is part of a plan to split the company into three independent companies that specialize in aerospace and defense technologies, water-related technologies, as well as rugged connectors and industrial control. The rugged connectors and industrial control segment will retain the ITT Corp. name, and the water company will be named Xylem. The new independent companies should be in place by the end of this year.
ITT Exelis will trade on the New York Stock Exchange with the ticker symbol XLS. The new ITT Corp. will retain the current corporate name, logo, and “Engineered for life” company tagline, and specialize in engineering and manufacturing industrial components such as harsh-environment connectors, aerospace actuation and valves, friction brake pads, railway equipment, and industrial process applications. It will continue to trade on the New York Stock Exchange with the ticker symbol ITT.
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