ITT Corporation announces plan to separate into three independent publicly traded companies
ITT Corporation's board of directors has unanimously approved a plan to separate the company's businesses into three distinct, publicly traded companies. Under the plan, ITT would execute tax-free spinoffs to shareholders of its water-related businesses and its Defense & 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 (NYSE) as an industrial company that supplies highly engineered solutions in the aerospace, transportation, energy and industrial markets. Xylem intends to list on the NYSE under the symbol "XYL." ITT Exelis intends to list on the NYSE under the symbol "XLS."
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