ITT plans to spin off to shareholders its water-related businesses and its defense & information solutions segment. The remaining ITT, an industrial company, will continue to trade on the New York Stock Exchange.
ITT shareholders will own shares in all three companies following the separation, which is expected to be executed before the end of 2011.
Pro forma 2011 revenue for the future ITT is estimated at $2.1 billion. Revenue for the water technology business is estimated at $3.6 billion in 2011, while revenue for the defense operations is estimated at $5.8 billion, ITT said in a press release Wednesday.-- Written by Joseph Woelfel
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