Exelis Spins Off Mission Systems Business Into a New Publicly Traded Services Company, Known as Vectrus
On September 27, 2014 Exelis completed its spin off of part of its Information and Technical Services segment, formerly known as Exelis Mission Systems, into an independent public company, named Vectrus. The record date for the transaction was September 18, 2014 and the distribution date for shares of Vectrus was September 27, 2014. For detailed information on Vectrus, please visit www.vectrus.com.
Exelis retains a portfolio of mission critical, affordable and platform agnostic products and services for managing global threats, conflicts and complexities. The business will focus future investments on strengthening its four strategic growth platforms of Critical Networks; ISR & Analytics; Electronic Warfare; and Aerostructures. These growth platforms, which have been strategically aligned with future customer requirements, are supported by the company’s most differentiated and enduring C4ISR capabilities such as global intelligence, surveillance and reconnaissance systems, networked communications, integrated electronic warfare, and engineering and professional services.
Vectrus will be a new, independent company that provides infrastructure asset management, information technology and network communication services, and logistics and supply chain management. As a pure-play services provider, the new company will capitalize on more than 50 years of experience delivering service solutions to a wide range of customers. With employees currently operating in more than 100 locations in 18 countries, Vectrus is well-positioned to deliver a broad range of capabilities as an independent entity. From facilities management and full spectrum logistics support to operating and maintaining networks and communication infrastructure, the new company will leverage its reputation and decades-long track record as a leading provider of services to the U.S. government to offer a unique value proposition based on efficiency, operational excellence and cost-effectiveness.News Releases
• Exelis Successfully Completes Spin-off of Vectrus, Inc.
• Exelis Board Approves Spin-off of Vectrus as Separate, Publicly Traded company; Sets Record and Distribution Dates
• Exelis Services Company Spin-Off to be Named Vectrus
• December 11, 2013 Spinoff Announcement
Frequently Asked Questions
• How were shares of Vectrus stock be distributed to current Exelis shareholders?
At completion of the distribution, Exelis shareholders owned 100% of the common shares of Vectrus. I
n connection with the distribution of shares of Vectrus common stock, Exelis Inc. received an opinion of tax counsel confirming that the distribution will not be taxable to holders of shares of Exelis common stock. Cash received in lieu of fractional shares, however, will be taxable. Shareholders should consult their tax advisors with respect to U.S. federal, state, local and non-U.S. tax consequences of the Vectrus spin-off.
Based on the one-to-eighteen distribution ratio for the spin-off, approximately 10 million shares of Vectrus common stock were distributed to Exelis shareholders.
• How are shares of Exelis and Vectrus common stock listed and traded?
Both companies are listed on the New York Stock Exchange. Exelis shares continue to trade under the ticker symbol “XLS,” while Vectrus shares trade under the symbol “VEC.”
• Who is the distribution agent, transfer agent and registrar for Vectrus common stock?
The distribution agent, transfer agent, and registrar for Vectrus common stock is Computershare Trust Company, N.A. For questions relating to the transfer or mechanics of the stock distribution, shareholders may contact Computershare Trust Company, N.A., via phone at 1-888-847-8927 or +1-781-575-4756, or online at www.computershare.com/investor
. If shares are held by a bank, broker or other nominee, shareholders should contact that institution directly.
• Who serves on the board of directors and in senior management positions for Vectrus?
Detailed information on key management and members of the board of directors of Vectrus may be found at www.vectrus.com/who-we-are
• What is the meaning behind the name, "Vectrus?"
Vectrus is a blended name derived from the words Vector and Trust. Vector represents strong forward direction, while Trust represents the essence of the new company’s commitment to its customers.
Media and Investor Contacts
• Exelis Investors: Katy Herr, email@example.com
• Exelis Media: B.J. Talley, firstname.lastname@example.org