Completes Form 10 registration statement filed in connection with Emerson’s Planned Spin-off of Network Power as Vertiv is selected as name of new public company with Scott Barbour named President and CEO
Emerson has filed the initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC) in connection with the Company’s previously announced plan to spin off its Network Power business, which will be renamed 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 an important step in a process expected to be substantially complete by September 30, 2016, the release said.
Vertiv caters to the vital applications in data centers, communication networks and commercial/industrial environments with its designing, manufacturing and servicing mission-critical infrastructure technologies. The company offers a broad range of products in both power and thermal management and provides lifecycle management services and solutions for deploying, maintaining and optimizing these products. In addition, Vertiv provides infrastructure management, monitoring, controls and software solutions for its customers’ critical applications.
As per the press release, the Form 10 filing provides information related to Vertiv’s business, as well as financial statements for fiscal years ended September 30, 2013, 2014 and 2015. Vertiv will continue to operate as a segment of Emerson until the separation is complete. Subsequent amendments to the Form 10 are expected to be filed in conjunction with the SEC review and as financing and other decisions are made. The declaration of effectiveness by the SEC is not expected until closer to the date of separation. The separation is expected to be substantially complete by September 30, 2016, and is subject to certain conditions, including final approval by the Emerson Board of Directors, receipt of a favorable opinion with respect to the tax- free nature of the transaction, and the effectiveness of the Form 10 registration statement filed with the SEC.
Emerson Chairman and CEO David N. Farr commented, “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. 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.”
Scott Barbour, who has been Executive VP of Emerson and Business Leader for Emerson Network Power said, “Our years as part of Emerson have given us a tremendous foundation from which to launch and grow Vertiv as an independent company. Our team is looking forward to the opportunity to concentrate on our core competencies, expand our global customer base, strengthen our industry leading positions, and create value for our future shareholders.”
