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ITT announces names of spinoff companies

July 14, 2011

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NEW YORK—ITT Corp. on Thursday announced the new names and ticker symbols for its water and defense businesses, which will separate from its main engineered products business later this year.

The White Plains, N.Y., company said the water technology business will be called Xylem and its shares will trade under the symbol "XYL." The defense unit will be called ITT Exelis and its shares will trade under the symbol "XLS."

The industrial unit will keep the ITT Corp. name and "ITT" ticker symbol.

All three stocks will be listed on the New York Stock Exchange.

ITT said in January that it will split into three separate publicly traded companies by the end of the year.

Shares of ITT Corp. fell 10 cents to $57.16 in midday trading.