The Board of Directors of ITT Corp. has approved a plan to restructure the company's businesses into three distinct, publicly traded companies. Under the plan, itt would execute tax-free spinoffs to shareholders of its water-related businesses and defense & information solutions segment. Following completion of the transaction, ITT will continue to trade on the New York Stock Exchange as an industrial company that supplies engineered solutions in the aerospace, transportation, energy, and industrial markets. ITT shareholders will own shares in all three corporations following the completion of the transaction. ITT expects to finalize and execute this plan before the end of the year.
After completion of the spinoff, ITT Corp. will continue to operate as a diversified global manufacturer of industrial products and high-technology solutions. Its global platform will include ITT's current industrial process business as well as its Motion Technologies, Interconnect Solutions, and Control Technologies businesses.
The Defense & Information Solutions segment will be renamed and rebranded as a standalone company. The company's products and services will include technologies like next-generation night vision; integrated electronic warfare; networked communications; force protection; radar, global intelligence, surveillance and reconnaissance systems; composite structures; space-based satellite imaging; weather and climate monitoring; navigation and imaging systems; and maintenance, engineering and professional services. In addition, a standalone water technology corporation with a new corporate brand name will be formed through the combination of three of ITT's current businesses.
Effective upon the completion of the transaction, the new ITT Corp. will be led by ITT's 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 Corp. and the Chairman and Former Chief Executive Officer of EMCOR Group, Inc. The Defense & Information Solutions business will be led by David Melcher. Currently President of ITT Defense & Information Solutions, Melcher will serve as its future chief executive officer. Its Chairman of the Board will be Ralph Hake, currently a director of ITT Corp. and previously Chairman and Chief Executive Officer of Maytag Corp.