Exelis today announced a plan to spin-off its military and government services business, currently called Exelis Mission Systems, into an independent public company. This business is currently part of the company’s Information and Technical Services segment. The transaction is expected to be completed by the summer of 2014, and is subject to final approval of the company’s board of directors.
Following completion of the spin-off, Exelis will retain a portfolio of mission critical, affordable and platform agnostic products and services for managing global threats, conflicts and complexities. The business will focus future investments on strengthening its four strategic growth platforms of Critical Networks; ISR & Analytics; Electronic Warfare; and Aerostructures.
Pro-forma for the spin-off, Exelis is expected to generate 2013 estimated revenues of approximately $3.4 billion with meaningful appreciation in its growth and operating margin profile. Exelis expects to continue its current quarterly dividend and maintain a capital structure consistent with investment-grade credit ratings.
Following completion of the spin-off, Exelis Mission Systems will be renamed and rebranded as a new, independent company that provides facilities management, logistics and network communications services.
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by Tactical-Life / Dec 12, 2013