ITT Announces New Name of Water Spinoff Business
July 18, 2011
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ITT Corp. has announced the future names for its water
technology and services business and its defense and information solutions segment,
which will become standalone companies following the completion of a previously
announced separation plan. Upon completion of the spinoffs, the future water
company will be named Xylem, and the future defense company will be named ITT
Exelis. ITT's core industrial business will continue under the ITT Corp. name.
“We are pleased to announce the names of these new companies, as this represents an important step forward in our transformation,” says Steve Loranger, chairman, president and chief executive officer of ITT. “The names Xylem and ITT Exelis communicate the strength and unique positioning of our future businesses. We are confident that these new businesses will emerge as leaders in their respective industries and firmly believe that ITT Corp., Xylem and ITT Exelis are all well-positioned to create value for shareholders."
Upon completion of the planned separation, the future water company will be named Xylem ('zī-ləm), and will consist of the water and wastewater (including wastewater transport; biological, filtration and disinfection treatment and analytics), residential and commercial water and flow control businesses. The name, Xylem, derived from classical Greek, is the tissue that transports water in plants. It is meant to signify the company's position in the marketplace as a leading equipment and service provider of a broad product line that addresses the full cycle of water – from collection, distribution and use to the return of water to the environment. “Xylem” also is intended to highlight the engineering efficiency of the water-centric business by linking it with the best water transportation of all – that which occurs in nature.
“We are pleased to announce the names of these new companies, as this represents an important step forward in our transformation,” says Steve Loranger, chairman, president and chief executive officer of ITT. “The names Xylem and ITT Exelis communicate the strength and unique positioning of our future businesses. We are confident that these new businesses will emerge as leaders in their respective industries and firmly believe that ITT Corp., Xylem and ITT Exelis are all well-positioned to create value for shareholders."
Upon completion of the planned separation, the future water company will be named Xylem ('zī-ləm), and will consist of the water and wastewater (including wastewater transport; biological, filtration and disinfection treatment and analytics), residential and commercial water and flow control businesses. The name, Xylem, derived from classical Greek, is the tissue that transports water in plants. It is meant to signify the company's position in the marketplace as a leading equipment and service provider of a broad product line that addresses the full cycle of water – from collection, distribution and use to the return of water to the environment. “Xylem” also is intended to highlight the engineering efficiency of the water-centric business by linking it with the best water transportation of all – that which occurs in nature.
ITT Corp. to Retain Current Name
Following completion of the planned separation, ITT Corp. will retain the current corporate name, logo and “Engineered for life” company tagline. ITT Corp. will be a global specialist in the engineering and manufacturing of critical components in niche markets such as harsh-environment connectors, aerospace actuation and valves, friction brake pads, railway equipment and industrial process applications.
