ITT launches Xylem spin-off

ITT Corporation has spun-off its water-related equipment businesses into a new, US$ 3.2 billion standalone company called Xylem.

Xylem includes site dewatering and slurry pump brands Flygt and Godwin, as well as Gossett, Flojet, Bell, Goulds Water Technlogies, WTW and YSI. The demerged company will begin trading on the New York Stock Exchange on 1 November and will also be a component of the S&P 500 Index.

Gretchen McClain, former senior vice president and president of ITT fluid and motion control, is the new CEO of Xylem.

"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 12000 employees and our strategic partners around the world," Ms McClain said.

Headquartered in New York, Xylem serves a US$ 30 billion segment of the global water equipment and services market through a distribution network consisting of a direct sales and independent channels.

More details on Xylem's latest products for the construction industry will be available in the upcoming November issue of International Construction.