ITT to split into three companies
October 26, 2011, White Plains, NY – ITT Corporation has announced plans to separate into three independent, publicly traded companies: ITT, Xylem and ITT Exelis.
ITT Corporation's board of directors has unanimously approved a plan, under which ITT would execute tax-free spinoffs to shareholders of its water-related businesses and its defense and information solutions segment. ITT shareholders will own shares in all three companies following the completion of the transaction.
ITT will continue to trade on the New York Stock Exchange as an industrial company that supplies highly engineered solutions in the aerospace, transportation, energy and industrial markets.
Xylem will be listed under the symbol "XYL" and ITT Exelis will be listed under "XLS."