ITT Exelis completes spinoff

Nov. 3, 2011 at 10:16 AM
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MCLEAN, Va., Nov. 3 (UPI) -- ITT Exelis has completed its spinoff from ITT Corp. and initiated operations as an independent aerospace, defense and IT company.

Open trading of Exelis shares on the New York Stock Exchange began Tuesday under the ticker symbol XLS.

A leader in networked communications, sensing and surveillance, reconnaissance, electronic warfare, navigation, air traffic solutions and information systems, Exelis also enjoys growing positions in cybersecurity, composite aerostructures and logistics and technical services.

Legacy core strengths include tactical radios, night vision and soldier-protection systems as well as capabilities such as global positioning system navigation.

"As our industry's newest global technology leader, ITT Exelis will continue to provide customers with the world-class technologies and services they have come to expect from us," said Exelis Chief Executive Officer and President David Melcher. "Our new corporate autonomy and streamlined structure make us even more nimble in anticipating, reacting and responding to customers' evolving needs with affordable, ready-now solutions."

Melcher said that in the global security environment, Exelis is particularly well positioned to succeed.

"Today, ensuring access for U.S. and allied forces … and denying access to adversaries (through electronic warfare, ISR, missile defense and cyber technologies) are top priorities. These are all areas where Exelis has leadership positions and unique technical capabilities."

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