Diversified manufacturer ITT Corp (ITT.N) announced on Thursday the names of the companies that will result from the spin-offs of its water management and defense businesses. The spun-off defense company will be named ITT Exelis and will be listed on the New York Stock Exchange under the symbol "XLS" XLS.N. The future water company will be called Xylem, with the symbol "XYL" XYL.N. ITT Corp will continue as a company that supplies engineered services to aerospace, transportation and industrial markets. Shareholders of ITT will own shares in all three companies after the tax-free spin-offs.
ITT Corporation (ITT) is a global engineering and manufacturing organization. Shares of ITT remained unchanged at $57.26. In the past year, the shares have traded as low as $42.05 and as high as $64.00. On average, 1190280 shares of ITT exchange hands on a given day and today's volume is recorded at 100.
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