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Exelis Inc announces plan to spin off a new publicly traded military and government services company

Wednesday, 11 Dec 2013 04:28pm EST 

Exelis Inc:Says its board of directors has unanimously approved a plan to spin-off its military and government services business, currently called Exelis Mission Systems, into an independent public company.Says this business is currently part of the company`s Information and Technical Services segment.Says the transaction is intended to be tax-free to Exelis and its shareholders, is expected to be completed by the summer of 2014.