Oct. 12, 2011: ITT Board of Directors Approves Spinoffs of Xylem and ITT Exelis
Steve Loranger, chairman, president, and chief executive officer of ITT, said, “By operating as three independent companies, we believe the new ITT, Xylem, and ITT Exelis will each be able to leverage our shared history of innovation while being better positioned to capitalize on new opportunities in their respective markets. We believe this transaction will allow all three companies to drive growth and deliver significant value to all of our shareholders. I would like to thank our dedicated employees who have worked hard to make this important transaction a reality. We look forward to completing the final steps in this process and embarking on new and exciting chapters for the new ITT, Xylem, and ITT Exelis.”
ITT also announced that it has received a private letter ruling from the Internal Revenue Service that ITT’s separation of the assets and liabilities constituting each of the ITT Exelis business, the Xylem business, and the new ITT business, as well as the planned distribution of the shares of ITT Exelis and Xylem common stock to ITT shareholders, will qualify as a tax-free transaction for U.S. federal income tax purposes.
More information on the new companies can be found at www.itt.com/transformation.
Publication date: 10/10/2011