BY John Keller
WHITE PLAINS, N.Y.—ITT Corp., which has been consolidating since last January to increase operating efficiencies and make the most of company resources, will spin off the company’s defense and information business unit by the end of this year into an independent publicly traded company called ITT Exelis.
The new ITT Exelis defense systems company will trade on the New York Stock Exchange under the ticker XLS, and will specialize in command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR), as well as military information technology for defense, government, and commercial applications.
ITT Exelis will encompass what has been the ITT Electronic Systems division in Clifton, N.J.; ITT Geospatial Systems based in Rochester, N.Y.; and the ITT Information Systems division, based in Herndon, Va.
ITT Electronic Systems is a consolidation of the former ITT Electronic Systems and Communications Systems divisions, and a portion of the Intelligence & Information Warfare division, and concentrates on electronic warfare and information warfare, as well as on secure networked communications and sensor systems.
The ITT Geospatial Systems is a consolidation of the former ITT Space Systems and Night Vision divisions, and concentrates on space-based and airborne networked sensors, image processing, and image distribution. ITT Information Systems concentrates on networked decision support, information integration, next-generation air traffic management, intelligence networks, and cyber security.
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.
Current ITT shareholders will own shares in all three corporations. Until completion of the spin-offs, ITT Corp. will continue to operate with the existing segment structure and division names. Last January, ITT Corp. executives consolidated seven of their company’s defense business segments into the three operating units of ITT Defense and Information Solutions.
FOR MORE INFORMATION visit ITT Corp. online at www.itt.com.