Introducing Xylem, ITT water company spinoff
ITT Corporation has announced that its water technology and services business will be called Xylem...
WHITE PLAINS, NY, July 18, 2011 -- ITT Corporation has announced that its water technology and services business will be called Xylem. Upon completion of the previously announced separation plan, Xylem will become a standalone company.
ITT will also spin off its Defense & Information Solutions segment, which will be called ITT Exelis.
ITT's core industrial business will continue under the ITT Corporation name.
"We are pleased to announce the names of these new companies, as this represents an important step forward in our transformation," said 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 Corporation, Xylem and ITT Exelis are all well positioned to create value for shareholders."
Xylem will consist of the Water & Wastewater (including wastewater transport; biological, filtration and disinfection treatment and analytics), Residential & Commercial Water and Flow Control businesses. The name Xylem, derived from classical Greek, is the tissue that transports water in plants. ITT said it signifies the company's unique 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 highlights the engineering efficiency of ITT's water-centric business by linking it with the best water transportation of all -- that which occurs in nature.