Exelis to Spin-Off Independent Company Named Vectrus
McLean-based defense contractor Exelis on Tuesday said it had selected a name for the mission systems division it is spinning off into a new, independent and publicly traded company: Vectrus.
“While the brand will be new to the market, the experienced Vectrus team will continue to build on a legacy of delivering infrastructure asset management, logistics and supply chain management services, as well as information technology and network communication services, to U.S. government customers worldwide,” Dave Melcher, president and chief executive officer of Exelis, said in a statement.
Vectrus — a combination of “vector” and “trust” — will be based in Colorado Springs, where Exelis’ mission systems division is currently based. Exelis will remain in McLean. Exelis currently employs about 17,000 people; about 7,000 will join Vectrus from Exelis.
Exelis announced its plans to create the new public traded military and government services company in December. The spin-off is expected to be complete by the summer of 2014.
The move will let Exelis focus on other divisions, according to the company — this includes critical networks, search and reconnaissance analytics, and electronic warfare, among others.
Exelis generated 2013 sales of about $4.8 billion.