ITT Exelis (NYSE: XLS), McLean, Virginia, USA, says this is part of its strategy to focus on its strategic growth platforms. Exelis, an aerospace, defence, information and technical services company, specialises in communications, sensing and surveillance, critical networks, electronic warfare, navigation, air traffic solutions and information systems, although it does have a composite aerostructures business.
Specialty Plastics, located in Baton Rouge, Louisiana, designs, manufactures and installs composite piping systems for the deep-water oil and gas industry, and will become part of Future Pipe Industries Group’s US division.
Specialty Plastics' FIBERBOND pipe and fittings are manufactured from glass fibre and various resin systems. The products are mainly used in the offshore oil and gas, chemical and petrochemical, pulp and paper, and marine industries.
Future Pipe Industries manufactures glass fibre composite pipe for a variety of markets, including the oil and gas, water distribution, petrochemicals, and marine industries.
“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," explains John Shephard, senior vice president and chief strategy officer for Exelis.
"We are committed to more closely aligning our portfolio and investments around our strategic growth platforms.”
Specialty Plastics was part of EDO Corporation which was acquired by ITT Exelis in 2007.
