WHITE PLAINS, N.Y. (AP) — ITT Corp. said Monday that it has completed its breakup into three separate companies so that it can focus on its more profitable businesses.
With the spinoffs complete, ITT said it is now a company that provides parts and services to the industrial, aerospace, transportation and oil and gas markets. The White Plains, N.Y.-based company spun off its defense and information solutions and its water technology and services businesses.
Its former defense unit, ITT Exelis, which will trade under the ticker symbol "XLS," and ITT's water-management unit will become Xylem, trading as "XYL." Trading under the new tickers will start Tuesday.
A reverse 1-for-2 split of ITT's stock will become effective after the market closes on Monday. After the split the company will have about 92.5 million common shares. It currently has about 185.3 million shares outstanding, according to FactSet.
Last week, the manufacturing conglomerate reported a drop in its third-quarter net income, partly hurt by costs related to the spinoffs.