New company to invest up to $5 million and create 100 new jobs in Virginia following the completion of spinoff from ITT Corporation later this year
Fairfax County, Virginia USA, Monday, July 18, 2011 -
Gov. Bob McDonnell today announced that ITT Defense & Information Solutions, an operating segment of ITT Corporation, will invest up to $5 million to establish its new corporate headquarters in Fairfax County following completion of its previously announced spinoff from ITT later this year.
Following completion of its spinoff from ITT Corporation (www.itt.com), the Defense & Information Solutions business segment will be renamed and rebranded as ITT Exelis – a new, publicly traded stand-alone company and industry-leading provider of innovative technologies and operational services to meet the requirements of global military, government and commercial customers. ITT Exelis will be based in the Tysons Corner area of Fairfax County.
The project will create 100 new jobs over the next three to five years across all of its business operations in the Commonwealth. Virginia successfully competed against Maryland and Washington D.C. for the project.
The company's products and services will include premier technologies such as next-generation night vision, integrated electronic warfare, networked communications, force protection, radar, global intelligence, surveillance and reconnaissance systems, composite structures, space-based satellite imaging, weather and climate monitoring, and navigation and imaging systems, as well as maintenance, engineering and professional services.
“We are excited to continue our relationship with the state of Virginia and locate our corporate headquarters in Fairfax County,” said David F. Melcher, president of ITT Defense & Information Solutions, who will serve as chief executive officer of ITT Exelis. “The county’s proximity to our customers, its highly skilled workforce and business-friendly climate will allow us to continue to deliver essential products and services to our customers. I appreciate the hard work of the Fairfax County Economic Development Authority and other Virginia officials in helping us reach our decision.”
ITT’s Defense & Information Solutions segment already has a strong presence in Virginia with its headquarters in Tysons Corner, its Information Systems division based in Herndon and its Geospatial Systems division based in Roanoke.
“In the process of restructuring and evaluating its mission and goals, ITT Exelis had any number of options to locate the headquarters of its defense business unit and it chose Fairfax County,” said Gerald L. Gordon, Ph.D., president and CEO of the Fairfax County Economic Development Authority (FCEDA). “Its decision to choose Fairfax County again validates the long-term, consistent effort to make this one of the best business locations in the world. We are proud to have this company as part of a dynamic business community that is an important part of the quality of life here.”
The FCEDA worked with the Virginia Economic Development Partnership to secure the project for Virginia. Gov. McDonnell approved a $100,000 grant from the Governor’s Opportunity Fund to assist Fairfax County with the project. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company’s recruitment and training activities.
Time magazine called Fairfax County, “one of the great economic success stories of our time.” Business growth helps Fairfax County fund the nation’s top-rated school system and other public services that contribute to the quality of life of residents. Fairfax County offers businesses a state-of-the-art telecommunications infrastructure, access to global markets through Washington Dulles International Airport and a highly skilled, well-educated workforce.
The award-winning Fairfax County Economic Development Authority promotes Fairfax County as a business and technology center. The FCEDA offers site location and business development assistance, and connections with county and state government agencies, to help companies locate and expand in Fairfax County. In addition to its headquarters in Tysons Corner, Fairfax County’s largest business district, the FCEDA maintains marketing offices in seven important global business centers: Bangalore, Boston, Munich, London, Los Angeles, Seoul and Tel Aviv. Follow @FairfaxEBird for FCEDA and Fairfax County business news.
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