ITT announces names of spin-off companies

ITT Corp. (White Plains, NY) has announced the names of its water technology and services business and its defense and information systems business, which ITT is planning to spin off as separate corporate entities. The water business will be named Xylem, while the defense/information companies will be named ITT Exelis. Xylem will consist of ITT’s water/wastewater, residential/commercial, and flow control businesses. The name “Xylem,” from classical Greek, refers to the tissue that transports water in plants, ITT said, adding that the new name “signifies the company’s unique position in the marketplace as a leading equipment and service provider of a broad product line that addresses the full cycle of water, from collection, distribution and use to the return of water to the environment.” ITT’s core industrial business will continue to operate under the ITT name.