Defense contractor Exelis Inc. announced Tuesday the name of the company that will be created by the spinning off of its Colorado Springs-based Mission Systems division.
The new company will be named Vectrus, according to an Exelis news release.
“Vectrus is a blended name derived from the words Vector and Trust,” the release stated. “Vector represents strong forward direction, while Trust represents the essence of the new company’s commitment to its customers.”
The spin-off (announced in December) of Mission Systems from the company’s Information and Technical Services branch is expected to be complete this summer. Upon completion, the release said that “a comprehensive roll-out of the new [Vectrus] brand will take place.”
The soon-to-be independent publicly traded company employs nearly 7,000 workers in more than 100 locations across 18 countries and will be the largest such entity in Colorado Springs.
The split will allow each company to more effectively compete in their respective markets, with Vectrus working primarily on contracts with the U.S. government, the release stated. The new company will provide facilities management, logistics and network communications services and will focus its “portfolio on higher margin strategic growth platforms,” including critical networks, ISR (intelligence, surveillance and reconnaissance) and analytics, electronic warfare and aerostructures.
“This spin-off enables both Exelis and [Vectrus] to become more agile, better aligned and able to more effectively meet the needs of their customers, both domestically and internationally,” President and CEO David F. Melcher said.
Kenneth Hunzeker, who has served as Mission Systems president and general manager since April 2011, will lead Vectrus when the roll-out is complete.
The split resulted from a vote of the board of directors and was not dependent on a vote by company shareholders. Virginia-based Exelis was itself spun off from New York-based parent company ITT Corp. in 2011.