Exelis Completes Spin-off Of Vectrus - Quick Facts

(RTTNews) - Exelis (XLS) has completed the prior announced separation of its former Mission Systems government services business into a new independent, publicly traded company, Vectrus, Inc. The spin-off has been structured to qualify as a tax-free distribution to Exelis shareholders for U.S. federal tax purposes, except for cash received in lieu of fractional shares. Following this, Exelis wouldreport Vectrus financial results earlier to the spin-off as discontinued operations beginning with the Exelis 2014 annual report on Form 10-K.

Exelis' common shares would continue trading on the New York Stock Exchange under the symbol "XLS" and Vectrus' shares would start "regular way" trading on the NYSE under the symbol "VEC" on September 29, 2014. Exelis shareholders will initially own all of the common shares of Vectrus, with each Exelis shareholder receiving one share of Vectrus common stock for every eighteen shares of Exelis stock held as of September 18, 2014, the spin-off record date.

After the spin-off, Exelis would focus its investments on strengthening four strategic growth platforms like critical networks, ISR and analytics, electronic warfare and aerostructures. Vectrus would leverage its global presence and long history in the government services market to deliver infrastructure asset management, information technology and network communication services, and logistics and supply chain management to a wide range of customers.