Each ITT shareholder of record as of the close of business on Oct. 17, 2011, the record date for the distribution, will receive on the distribution date one share of ITT Exelis common stock and one share of Xylem common stock for each share of ITT common stock held as of the record date. The ITT board also approved a 1:2 reverse stock split for ITT, which will become effective after market close on Oct. 31, 2011, the distribution date for the spinoffs.
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.”
Denise L. Ramos, who is currently ITT’s chief financial officer, will become ITT’s chief executive officer and president effective upon the completion of the spinoffs.
Publication date: 10/17/2011