Emerson Files SEC Statement in Connection with Planned Spinoff of Network Power
Vertiv selected as name of new public company; Scott Barbour named president and CEO
ST. LOUIS — Emerson today announced the filing of an initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC) in connection with its previously announced plan to spin off its Network Power business, which will be named Vertiv. The filing, which outlines Emerson’s intent to spin off 100 percent of the outstanding common stock of Vertiv through a tax-free distribution to shareholders, is the next step in a process expected to be substantially complete by Sept. 30, 2016.
“Today marks another step forward in a process we began in early 2015 focused on strengthening Emerson and preparing the company to capitalize on future growth opportunities,” said David N. Farr, chairman and chief executive officer. “The spinoff of Vertiv will sharpen Emerson’s focus on high-growth markets and establish Vertiv as an industry-leading public company under Scott Barbour’s strong leadership.”