ITT Corporation (ITT) Completed Spin Offs; 1-for-2 Reverse Stock Split Effective After Close
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ITT Corporation (NYSE: ITT) completed the previously announced spin offs of its Defense and Information Solutions business and its Water Technology and Services business.
With the spin offs complete, ITT is now a $2 billion company with four businesses that deliver highly engineered and customized products and services to the industrial, aerospace, transportation, and oil and gas industries.
In addition, a 1:2 reverse stock split for ITT will become effective after market close today in which every two common shares of ITT will be converted into one common share of ITT. As a result, ITT will have approximately 92.5 million common shares outstanding after the reverse stock split.
With the spin offs complete, ITT is now a $2 billion company with four businesses that deliver highly engineered and customized products and services to the industrial, aerospace, transportation, and oil and gas industries.
In addition, a 1:2 reverse stock split for ITT will become effective after market close today in which every two common shares of ITT will be converted into one common share of ITT. As a result, ITT will have approximately 92.5 million common shares outstanding after the reverse stock split.
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