Friday, October 21, 2011
ITT Creates New Defense Company in Roanoke
ITT Corporation, a major Roanoke employer, has announced that its Defense and Information Solutions business will become an independent company on October 31.
Soon-to-be ITT Exelis employs approximately 1,400 people in Roanoke and has been in the Roanoke Valley for 50 years.
“I am excited to announce that ITT Defense is becoming its own independent company,” says Nick Bobay, ITT Corporation Vice President and General Manager of Night Vision and Imaging. “Though you will be seeing new signs outside our places of operation, we will be conducting business as usual with an even greater focus on meeting our customers’ needs. We look forward to introducing our new brand and continuing our relationship with the Roanoke community as ITT Exelis.”
ITT Exelis will be headquartered in McLean. The company will continue to employ over 22,000 people and is expected to generate $5.8 billion in pro forma 2011 revenue. ITT Exelis will debut on the New York Stock Exchange on November 1, with the ticker symbol XLS.