“We are pleased to announce the names of these new companies, as this represents an important step forward in our transformation,” says Steve Loranger, chairman, president and chief executive officer of ITT. “The names Xylem and ITT Exelis communicate the strength and unique positioning of our future businesses. We are confident that these new businesses will emerge as leaders in their respective industries and firmly believe that ITT Corp., Xylem and ITT Exelis are all well-positioned to create value for shareholders."
Upon completion of the planned separation, the future water company will be named Xylem ('zī-ləm), and will consist of the water and wastewater (including wastewater transport; biological, filtration and disinfection treatment and analytics), residential and commercial water and flow control businesses. The name, Xylem, derived from classical Greek, is the tissue that transports water in plants. It is meant to signify the company's position in the marketplace as a leading equipment and service provider of a broad product line that addresses the full cycle of water – from collection, distribution and use to the return of water to the environment. “Xylem” also is intended to highlight the engineering efficiency of the water-centric business by linking it with the best water transportation of all – that which occurs in nature.