ITT Special Situation Break-Up Becomes More Clear (ITT, XYL, XLS)
ITT Corporation (NYSE: ITT) is now forecasting more clearly what its special situation break-up will look like. This was recently featured by 24/7 Wall St. as one of our picks in “value in machinery and equipment” but the special situation…
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ITT Corporation will operate its core businesses and will continue to trade on the New York Stock Exchange, under the symbol “ITT.” ITT Corporation will retain the current corporate name, logo and “Engineered for life” company tagline and its new description is “a global specialist in the engineering and manufacturing of critical components that provide highly customized solutions for its customers.”
The newly separated companies also intend to have their shares listed on the New York Stock Exchange. The future water company will be named Xylem and will list under the ticker symbol “XYL.” The future defense company will be named ITT Exelis and will list under the ticker symbol “XLS.”
Until completion of the spinoffs, ITT Corporation will continue to operate with the existing segment structure and division names. Xylem and ITT Exelis plan to unveil their new logos and further information on their new brands at a later date.
Shares of ITT recently closed at $57.26. Its 52-week range is $42.05 to $64.00. The current market capitalization is $10.5 billion, but that will soon change.
JIM BERDOU
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
