ITT plan to split into 3 companies moves ahead
Filing with SEC is latest move toward goal announced in January
- By David Hubler
- Jul 11, 2011
ITT Corp. has taken the next required step in its plan to separate into three distinct, publicly traded companies.
In connection with its previously announced plan, the government contractor announced on July 11 that it has filed Form 10 Registration Statements with the Securities and Exchange Commission to spin off its water-related businesses and ITT’s Defense & Information Solutions segment. Details about the future ITT Corp. and the companies that will be spun off have been furnished to the SEC in a Form 8-K and posted to the company’s website, the announcement added.
Steve Loranger, chairman, president and CEO of ITT, called the filing of the Form 10 Registration Statements “an important milestone in our transformation."
Under the plan, ITT will execute tax-free spinoffs to shareholders of its water-related businesses and its Defense & Information Solutions segment. ITT’s core industrial business will continue under the ITT Corp. name and will continue to trade on the New York Stock Exchange, under the symbol “ITT,” as a company that supplies highly engineered solutions in the aerospace, transportation, energy and industrial markets.
ITT shareholders will own shares in all three corporations following the completion of the transaction. Both of the new companies intend to have their common stock listed on the New York Stock Exchange.
Completion of the separation is subject to a number of conditions, including the receipt of an IRS tax ruling, declaration of effectiveness of the Form 10 Registration Statements filed with the SEC, and other customary matters.
Approval by ITT’s shareholders is not required for completion of the separation, the announcement said.
ITT Corp., of White Plains, N.Y., ranks No. 16 on Washington Technology’s 2011 Top 100 list of the largest federal government contractors.
David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.