MCLEAN, Va., April 8, 2013 – ITT Exelis (NYSE: XLS) has sold its fiberglass reinforced pipe business, Specialty Plastics Inc., to Future Pipe Industries Group, headquartered in Dubai, UAE, as part of an ongoing plan to focus company investments on strategic growth platforms. Exelis will target future investments to extend its world-class capabilities in critical networks, ISR and analytics, and electronic warfare systems. The transaction is not material to Exelis 2013 financial results and specific terms are not being disclosed.
Specialty Plastics, Inc., located in Baton Rouge, La., specializes in the design, manufacture and installation of highly durable fiberglass piping systems for the deep-water oil and gas industry, and will become part of Future Pipe Industries Group’s U.S. division.
“Specialty Plastics was a small but well-run business for Exelis, and although it’s a leader in its niche market, it lacks synergy with any of our other business areas. We are committed to more closely aligning our portfolio and investments around our strategic growth platforms,” said John Shephard, senior vice president and chief strategy officer for Exelis. “Our employees in Baton Rouge have done an excellent job since joining the company as part of our 2007 acquisition of EDO Corporation. I’m confident that business will thrive as part of Future Pipe Industries Group and we wish them the best.”
About ITT Exelis
Exelis is a diversified, top-tier global aerospace, defense, information and technical services company that leverages a 50-year legacy of deep customer knowledge and technical expertise to deliver affordable, mission-critical solutions for global customers. We are a leader in communications, sensing and surveillance, critical networks, electronic warfare, navigation, air traffic solutions and information systems with growing positions in C4ISR, composite aerostructures, logistics and technical services. Headquartered in McLean, Va., the company employs about 19,900 people and generated 2012 sales of $5.5 billion. For more information, visit our website at www.exelisinc.com or connect with us on Facebook, Twitter and YouTube.