Exelis sells fiberglass reinforced pipe (FIBERBOND®) business to Future Pipe Industries Group; will continue to focus company

  Exelis sells fiberglass reinforced pipe (FIBERBOND®) business to Future Pipe
  Industries Group; will continue to focus company portfolio around strategic
  growth platforms

Business Wire

MCLEAN, Va. -- April 8, 2013

ITT Exelis (NYSE: XLS) has sold its fiberglass reinforced pipe  business,
Specialty Plastics Inc., to Future Pipe Industries Group, headquartered in
Dubai, UAE, as part of an ongoing plan to focus company investments on
strategic growth platforms. Exelis will target future investments to extend
its world-class capabilities in critical networks, ISR and analytics, and
electronic warfare systems. The transaction is not material to Exelis 2013
financial results and specific terms are not being disclosed.

Specialty Plastics, Inc., located in Baton Rouge, La., specializes in the
design, manufacture and installation of highly durable fiberglass piping
systems for the deep-water oil and gas industry, and will become part of
Future Pipe Industries Group’s U.S. division.

“Specialty Plastics was a small but well-run business for Exelis, and although
it’s a leader in its niche market, it lacks synergy with any of our other
business areas. We are committed to more closely aligning our portfolio and
investments around our strategic growth platforms,” said John Shephard, senior
vice president and chief strategy officer for Exelis. “Our employees in Baton
Rouge have done an excellent job since joining the company as part of our 2007
acquisition of EDO Corporation. I’m confident that business will thrive as
part of Future Pipe Industries Group and we wish them the best.”

About ITT Exelis

Exelis is a diversified, top-tier global aerospace, defense, information and
technical services company that leverages a 50-year legacy of deep customer
knowledge and technical expertise to deliver affordable, mission-critical
solutions for global customers. We are a leader in communications, sensing and
surveillance, critical networks, electronic warfare, navigation, air traffic
solutions and information systems with growing positions in C4ISR, composite
aerostructures, logistics and technical services. Headquartered in McLean,
Va., the company employs about 19,900 people and generated 2012 sales of $5.5
billion. For more information, visit our website at www.exelisinc.com or
connect with us on Facebook, Twitter and YouTube.

Contact:

ITT Exelis
B.J. Talley, 703-790-6349
William.talley@exelisinc.com
 
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