Exelis Successfully Completes Spin-off of Vectrus

September 27, 2014

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Exelis (NYSE: XLS) today completed the previously announced separation of its former Mission Systems government services business into a new independent, publicly traded company, Vectrus, Inc. The spin-off has been structured to qualify as a tax-free distribution to Exelis shareholders for U.S. federal tax purposes, except for cash received in lieu of fractional shares. Following the spin-off, Exelis will report Vectrus financial results prior to the spin-off as discontinued operations beginning with the Exelis 2014 annual report on Form 10-K.

Shares of Exelis common stock will continue trading on the New York Stock Exchange under the symbol “XLS” and shares of Vectrus will begin “regular way” trading on the NYSE under the symbol “VEC” on September 29, 2014. Exelis shareholders will initially own all of the common shares of Vectrus, with each Exelis shareholder receiving one share of Vectrus common stock for every eighteen shares of Exelis stock held as of September 18, 2014, the spin-off record date.

Exelis will continue as a leader in command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) related products, networks and systems, and retain a portfolio of affordable,mission critical and platform-agnostic products and services for managing global threats, conflicts and complexities. Following the spin-off, Exelis will focus its investments on strengthening four strategic growth platforms – critical networks, ISR and analytics, electronic warfare and aerostructures. Vectrus will leverage its global presence and long history in the government services market to deliver infrastructure asset management, information technology and network communication services, and logistics and supply chain management to a wide range of customers.

Source : Exelis