A registration statement on Form 10 was filed with the U.S. Securities and Exchange Commission (SEC) for the planned spinoff of the current Exelis (NYSE: XLS) Mission Systems business. Today’s filing was made under the name „Exelis MSCO Inc.,” however, Exelis plans to announce the name under which the new company will do business in the coming weeks.
Exelis previously announced in December 2013 that its Board of Directors had approved a plan to spin off its military and government services business, currently called known as Mission Systems, into an independent public company. Upon successful execution of the spinoff, Exelis will focus on providing highly engineered C4ISR and information solutions, particularly in the areas of critical networks, ISR& analytics, electronic warfare and composite aerostructures. The newly formed company will become a pure-play provider of infrastructure asset management, logistics and supply chain management, and information technology and network communication services to the U.S. government worldwide.
Source / Author: Exelis