ITT Announces Spin-Off Company Names
Water technology and services segment will be called Xylem
ITT Corp. 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 Corp. name.
Upon completion of the planned separation, the future water company will be named Xylem 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. According to ITT, it represents the company’s broad product line that addresses the full cycle of water, from collection, distribution and use to the return of water to the environment.
As previously announced, ITT will execute tax-free spin-offs 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 Corp. will continue to trade on the New York Stock Exchange under the symbol ITT. Both spin-off 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 Corp. 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.