ITT announces names of companies that will result from spinoffs of water and defense businesses
ITT Corporation (NYSE: ITT) today 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 defense company will be named ITT Exelis
Following completion of the planned separation, the future defense company will be named ITT Exelis (ik-'sel-əss) 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 companys 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.
"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 defense company will be named ITT Exelis
Following completion of the planned separation, the future defense company will be named ITT Exelis (ik-'sel-əss) 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 companys 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.
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