ITT completes spinoff of defense electronics business segments into new independent company called ITT Exelis

WHITE PLAINS, N.Y., 2 Nov. 2011. Companies and government agencies used to dealing with the ITT Corp. Electronic Systems division in Clifton, N.J.; ITT Geospatial Systems in Rochester, N.Y.; and the ITT Information Systems division in Herndon, Va., as of this week must get accustomed to a new corporate name: ITT Exelis.The new ITT Exelis concentrates on command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR), as well as military information technology for defense, government, and commercial applications.ITT on Monday completed the spinoff of the company’s defense and information business unit into ITT Exelis, an independent publicly traded company that trades on the New York Stock Exchange under the ticker XLS (NYSE:XLS). ITT started rolling out the ITT Exelis name and logo last month at the Association of the U.S. Army annual meeting in Washington.

The former ITT Electronic Systems is now the ITT Exelis Electronic Systems segment, and concentrates on electronic warfare and information warfare, as well as on secure networked communications and sensor systems.

The former ITT Geospatial Systems now is the ITT Exelis Geospatial Systems segment, and concentrates on space-based and airborne networked sensors, image processing, and image distribution. The former ITT Information Systems, meanwhile, now is the ITT Exelis Information Systems segment, and concentrates on networked decision support, information integration, next-generation air traffic management, intelligence networks, and cyber security.

The new ITT Exelis is part of an ITT 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.

For more information contact ITT Exelis online at www.exelisinc.com.