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Colorado Springs, CO, 09/26/2014-By Wayne Heilman
On Saturday, Exelis will complete the spinoff of its Colorado Springs-based Mission Systems division into a separate public company, Vectrus.
Virginia-based Exelis will distribute a share of Vectrus stock for each 18 shares held by its stockholders as of Sept. 18, which will result in Vectrus having 10 million shares owned by Exelis stockholders. Vectrus stock will begin trading Monday on the New York Stock Exchange under the symbol VEC, though the shares have been trading on a "when issued basis" since Sept. 16. and closed Thursday at $22.60.
The Vectrus website (www.vectrus.com) is scheduled to debut at 3 p.m. Friday.
When the spinoff is completed, Vectrus will become the largest public company based in Colorado Springs with 2014 revenue estimated at $1.1 billion to $1.2 billion. That's down from $1.5 billion last year and reflects the declining size of the company's contracts for work in Afghanistan.
Vectrus will employ 5,600 people in 100 locations in 18 countries, including about 300 locally. Their work focuses on operating military bases, logistics and military information and communications networks.
Exelis, which will still employ 700 in the Springs, announced plans in December to spin off Mission Systems into a separate company. It is the fourth major defense contractor to spin off lower-margin service businesses to focus on higher-margin work in the past four years.
Vectrus will be headed by Ken Hunzeker, a retired Army lieutenant general who headed the Mission Systems division. Other key executives include Theodore Wright as chief operating officer and Matthew Klein as chief financial officer.
The Vectrus board will be headed by Louis Giuliano, who retired in 2004 as CEO of ITT Industries Inc., and includes Bradford Boston, a former Cisco Systems executive; Mary Howell, a former Textron executive; William Murdy, chairman of the Thayer Hotel at West Point; Melvin Parker, a Brinks executive; Eric Pillmore, a former Tyco International executive; Stephen Waechter, an Arinc executive; and Philip Widman, a retired Terex executive.
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