WHITE PLAINS, N.Y. – ITT Corp. announced that its board of directors has approved the spinoffs of Exelis Inc., its Defense and Information Solutions business, which will also be known as ITT Exelis, and Xylem Inc., its Water Technology and Services business, which will result in three distinct, publicly traded companies, according to a press release.

Each ITT shareholder of record as of the close of business on Oct. 17, 2011, the record date for the distribution, will receive on the distribution date one share of ITT Exelis common stock and one share of Xylem common stock for each share of ITT common stock held as of the record date. 

The ITT Board also approved a 1:2 reverse stock split for ITT, which will become effective after market close on Oct. 31, 2011, the distribution date for the spinoffs.