Exelis [XLS] yesterday said it will spin off its $1.5 billion military and government services business next summer to better focus on its C4ISR and remaining services business while also expanding its international defense work as a percentage of sales. The spin off of Exelis Mission Systems will create a new publicly traded company that is currently part of the Information and Technical Services segment. Exelis said the spin-off would be tax free and that it expects to continue its…
