MCLEAN, Va., Sept. 29 (UPI) -- Exelis, the global aerospace, defense and information solutions company, has completed the spinoff of its Mission Systems government services business.
The new independent company is named Vectrus Inc.
"The spin-off has been structured to qualify as a tax-free distribution to Exelis shareholders for U.S. federal tax purposes, except for cash received in lieu of fractional shares," Exelis said. "Following the spin-off, Exelis will report Vectrus financial results prior to the spin-off as discontinued operations beginning with the Exelis 2014 annual report on Form 10-K."
Exelis said its shareholders will initially own all of the common shares of Vectrus. Each Exelis shareholder will receive one share of Vectrus common stock for every eighteen shares of Exelis stock held as of Sept. 18.
With the spinoff of its mission systems business, Exelis said it will continue strengthen and grow its portfolio of services for critical networks, ISR and analytics, electronic warfare and aerostructure.
