ITT Corporation Announces Plan to Separate Into Three Independent Publicly Traded Companies
Wednesday, January 12, 2011
ITT Corporation announced that its board of directors has
unanimously approved a plan to separate te company's businesses into three
distinct, publicly traded companies. Under the plan, ITT would execute tax-free
spinoffs to shareholders of its water-related businesses and its Defense &
Information Solutions segment. Following completion of the transaction, ITT will
continue to trade on the New York Stock Exchange as an industrial company that
supplies highly engineered solutions in the aerospace, transportation, energy
and industrial markets. Under the plan, ITT shareholders will own shares in all
three corporations following the completion of the transaction.
ITT senior management and its board of directors believe
that these three businesses are well-positioned to create significant value for
shareholders as standalone companies. ITT expects to finalize and execute the
plan before the end of the year. More…
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