Exelis spins off mission systems business
McLean-based Exelis Inc. has completed the spinoff of Exelis Mission Systems, which was part of its information and technical services business, as an independent, publicly traded company named Vectrus.
The record date for the transaction was Sept. 18, and the distribution date for shares of Vectrus was Sept. 27.
Exelis will focus future investments on strengthening its four strategic growth platforms of critical networks; intelligence, surveillance, reconnaissance and analytics; electronic warfare; and aerostructures.
Vectrus, based in Colorado, Springs, Colo., will provide infrastructure asset management, information technology and network communication services, and logistics and supply chain management.
Vectrus has employees operating in more than 100 locations in 18 countries.