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Jessica Sabbath// September 8, 2014//
Defense contractor Exelis has approved the spinoff of its mission systems business, setting Sept. 27 for the separation.
The new company will be known as Vectrus Inc. Under the plan, each Exelis shareholder will receive one share of Vectrus stock for each 18 shares of Exelis stock held at close of business Sept. 18.
That means that about 10 million shares of Vectrus stock will be distributed to Exelis shareholders.
Shareholder approval is not required for the plan.
Both Exelis and Vectrus will be traded on the New York Stock Exchange. Exelis will continue to trade under the “XLS” symbol, and Vectrus will trade under “VEC.”
Vectrus will be headquartered in Colorado Springs, Colo. Kenneth W. Hunzeker, president of Mission Systems, will be president and CEO of the new company.
