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.
ITT Announces New Name of Water Spinoff Business
July 18, 2011