ITT Corporation (NYSE:ITT) 's head of the unit discussed with Reuters at the Paris Air Show that the company is on the verge of to spin off its defence division by the end of the year.
"We can't control what others might think of or what others might do, but the purpose of the spin-off is to form our own independent publicly traded company," said David Melcher, president of ITT Corp's defence and information systems unit.
Melcher said the division had not been approached by potential buyers and said its parent company would not entertain any offers.
"It has to be clear to everybody that the intent is to stand up these companies and not to sell them," he said.
Primo Water Corporation (NASDAQ:PRMW) , a rapidly growing provider of multi-gallon purified bottled water, self-serve filtered drinking water and water dispensers sold through major retailers nationwide, today announced Billy D. Prim, President and Chief Executive Officer, and Mark Castaneda, Chief Financial Officer, will present at the Oppenheimer 11th Annual Consumer Conference Wednesday, June 29, 2011 at 11:20 a.m. ET.
The audio and slides of the presentation will be webcast live, and a replay will be available until Wednesday, July 13, 2011 on the investor relations section of Primo Water's website at http://ir.primowater.com under "Events and Presentations."
Water Stocks Sector Trading Snapshot- Closing June 20 th
- American Water Works ( NYSE: AWK) closed higher by 0.14 (0.48%) at $29.28.
- Aqua America, Inc. ( NYSE: WTR) jumped at $21.53, up 0.01 (0.05%)
- ITT Corporation ( NYSE:ITT) ended the day at $57.08, up 0.75 (1.33%)
- Nalco ( NYSE:NLC) surged 1.25% or $0.33 to closed at $26.82.
- Pentair, Inc. ( NYSE: PNR) rose 1.03% or $0.39 to ended the day at $38.18.
- Primo Water Corporation ( NASDAQ:PRMW) closed at $9.58, up 0.01 (0.10%).
- Valmont Industries, Inc. ( NYSE: VMI) slumped 9.09% to $0.10.
- Watts Water Technologies, Inc. ( NYSE: WTS) fell 0.04 (-0.12%) to $33.18.
- Wescorp Energy Inc. ( OTCBB: WSCE) closed flat at $0.0600 with volume of 79K shares.
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Featured water stock:
About Wescorp Energy Inc.
Wescorp (OTCBB: WSCE ) (www.wescorpenergy.com) is a clean water technology company focused on implementing its superior, low-cost, water purification solutions for the oil and gas production industry and for marine remediation projects across North America. Wescorp's innovative clean technology is designed to meet increasing government regulations needs of our industry and society in general.
About the H2Omaxx Technology
H2Omaxx utilizes proprietary next generation aeration technology to clean and separate oil and solids from water. It has been proven to be safe, effective, economical and an environmentally-friendly process. Independent test results have shown the H20maxx technology will reduce the oil content in oil well produced water to less than 10 parts per million without the use of chemicals, filters or heat.
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