The board of directors of ITT Corporation plans to split the company into three distinct, publicly traded companies.
Once the move is completed, ITT will still trade on the New York Stock Exchange as an industrial company, and its shareholders will own shares in all three corporations.
ITT plans to continue to manufacture engineered industrial products — its product line-up will include its current industrial process business, as well as its motion technologies, interconnect solutions and control technologies businesses.
A standalone water technology company will also be created with a new corporate brand name formed through the combination of three of ITT’s current businesses: residential and commercial water, flow control and water and wastewater (including biological, filtration and disinfection treatment and analytics).
In addition, the company’s existing defence and information systems business will also be renamed and rebranded as a standalone company. The company’s products and services will include integrated electronic warfare systems, surveillance and reconnaissance systems, composite structures, space-based satellite imaging, weather and climate monitoring, and navigation and imaging systems.
The new ITT will be led by its current chief financial officer, Denise Ramos, who will serve as its future chief executive officer. Its chairman of the board will be Frank MacInnis, currently a director of ITT Corporation and the chairman and former chief executive officer of the Emcor Group.
The company expects to finalise and execute the plan before the end of this year.