It’s Xylem Now: ITT Corp. Spins Off Water Company
Xylem Inc. (NYSE: XYL) announced Oct. 31 that it has completed its spinoff from ITT Corp., and has begun operations as a $3.2 billion standalone global water technology company.
Xylem’s market-leading product brands, applications expertise and technological strength enable the transport, treatment, testing and efficient use of water in public utility, residential and commercial building services, industrial and agricultural settings. The company serves customers in more than 150 countries to address critical water issues such as growing water scarcity, aging infrastructure and more stringent environmental regulations.
Starting today, Nov. 1, Xylem will begin regular trading on the New York Stock Exchange under the ticker symbol XYL, and will be listed on the Standard & Poor’s 500 Index.
“I’m extremely proud to announce the launch of a unique company, the product of more than 100 years of experience in the water business and the collective work and expertise of our nearly 12,000 employees and our strategic partners around the world,” said Xylem president and CEO Gretchen McClain. “While our name has changed with the spinoff, our customers will find in Xylem the same commitment to providing local service to meet their specific needs while leveraging our global network, technological strength and applications expertise.”
Xylem serves a $30 billion segment of the global water equipment and services market through a distribution network consisting of a direct sales force and independent channel partners. The company’s products and services address the full cycle of water and are key in the collection, distribution and use of water. Well-known and respected product brands such as
Xylem’s senior management team has significant water industry expertise and a demonstrated track record of growth and strategic execution. The company’s leadership team includes:
· Gretchen McClain, President and CEO
· Mike Speetzen, Chief Financial Officer
· Mike Kuchenbrod, President, Water Solutions
· Chris McIntire, President, Analytics
· Ken Napolitano, President, Residential & Commercial Water
· Bob Wolpert, President, Flow Control and
· Angela Buonocore, Chief Communications Officer
· Frank Jimenez, General Counsel & Corporate Secretary
· Robyn Mingle, Chief Human Resources Officer
· Colin Sabol, Chief Strategy & Growth Officer
Xylem (XYL) is a leading global water technology provider, enabling customers to transport, treat, test and efficiently use water in public utility, residential and commercial building services, industrial and agricultural settings. The company does business in more than 150 countries through a number of market-leading product brands, and its people bring broad applications expertise with a strong focus on finding local solutions to the world’s most challenging water and wastewater problems. Launched in 2011 from the spinoff of the water-related businesses of ITT Corp., Xylem is headquartered in