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SAIC Announces New Company Name(s)

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On Monday, government contractor SAIC (NYSE: SAI  ) updated investors on its plan to split itself into two companies, one a $4 billion-a-year services business focusing on technical services and enterprise information technology; the other a $7 billion-a-year company concentrating on health care, engineering, and, in particular, national security, including the hot area of cybersecurity.

According to the company, the first business will retain the SAIC name post-split. The larger, spun-off, security/health-care/engineering business, in contrast, will be named Leidos, which the company explained is a "clipped" version of the word "kaleidoscope."

(For those still confused, management further clarified that it came up with the "kaleidoscope" name because the new company "will bring together solutions from different angles, yielding innovative and effective solutions.")

The company noted that going forward, current Chief Operating Officer Stu Shea will serve as president and COO of Leidos under Chairman and Chief Executive Officer John Jumper.

The new SAIC will get a brand-new CEO to match -- current ISR Group President Tony Moraco -- when the split officially takes place sometime in the second half of this year.


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Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On February 26, 2013, at 10:39 AM, ShaneCanestra wrote:

    The writer of this article is incorrect. The larger company (Leidos) is not being spun-off. Technically, the smaller company (SAIC) is being spun.

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Rich Smith
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As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

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