MCLEAN, Va.—Apr. 1, 2014— Exelis (NYSE: XLS) announced today that the new publicly traded military and government services company that will result from the planned spin-off will be named Vectrus. Exelis previously announced the planned spinoff of its Mission Systems division, currently part of the company’s Information and Technical Services segment, in December 2013.
Vectrus is a blended name derived from the words Vector and Trust. Vector represents strong forward direction, while Trust represents the essence of the new company’s commitment to its customers. A comprehensive roll-out of the new brand will take place at the completion of the spin-off.
"We are pleased to introduce Vectrus today," said Dave Melcher, president and chief executive officer of Exelis. "While the brand will be new to the market, the experienced Vectrus team will continue to build on a legacy of delivering infrastructure asset management, logistics and supply chain management services, as well as information technology and network communication services, to U.S. government customers worldwide."
As a pure-play services provider, Vectrus will capitalize on more than 50 years’ experience in the services market. With nearly 7,000 employees currently operating in more than 100 locations in 18 countries, Vectrus is well-positioned to continue to deliver its broad range of capabilities as an independent entity.
Following completion of the spin-off, Exelis will have greater focus on its four strategic growth platforms: Critical Networks, ISR & Analytics, Electronic Warfare, and Aerostructures, as well as continue to capitalize on its mature business areas of networked communications and night vision. The transaction is intended to be tax-free to Exelis and its shareholders and is expected to be completed by the summer of 2014, subject to final approval of the board of directors of Exelis. Additional information on the spin-off can be found at www.exelisinc.com/
About Exelis
Exelis is a diversified, top-tier global aerospace, defense, information and services company that leverages a 50-year legacy of deep customer knowledge and technical expertise to deliver affordable, mission-critical solutions for global customers. We are a leader in positioning and navigation, sensors, air traffic management solutions, image processing and distribution, communications and information systems; and focused on strategic growth in the areas of critical networks, ISR and analytics, electronic warfare and composite aerostructures. Headquartered in McLean, Va., Exelis employs about 17,000 people and generated 2013 sales of $4.8 billion. For more information, visit our website at www.exelisinc.com or connect with us on Facebook, Twitter and YouTube