ITT Corp. [ITT] recently said it the name for the future defense company that will result from the spin-off this year of its defense operations will be ITT Exelis and will have the stock ticker symbol “XLS” when it lists on the New York Stock Exchange (NYSE).
“ITT Exelis is an energetic name that is derived from the word ‘excel,’ which is rooted in ‘ex,’ meaning ‘out in front’ or ‘beyond,’ ITT said. “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 is also spinning-off its industrial water business, which will be called Xylem and will list on the NYSE as “XYL.”
ITT announced in January its plans for spinning-off the two businesses. This week, it said the spin-offs are still expected to occur this year once plans are reviewed by regulatory authorities.
ITT Exelis will have two operating segments: C4ISR Electronics and Systems, and Information and Technical Services.
After the spin-offs, ITT Corp. will retain its corporate name and logo and will remain focused on engineering and manufacturing critical components for various industries.