Reuters logo
2 months ago
BRIEF-Pentair says announces intent to separate into two industry-leading public companies
May 9, 2017 / 11:28 AM / 2 months ago

BRIEF-Pentair says announces intent to separate into two industry-leading public companies

2 Min Read

May 9 (Reuters) - Pentair Plc:

* Says announces intent to separate into two industry-leading public companies

* Says separation is expected to occur through a tax-free spin-off of electrical by pentair to its shareholders

* Says both water and electrical are expected to be well-capitalized and have investment-grade credit ratings

* Pentair PLC - until planned separation is completed, pentair expects to continue to pay its quarterly dividend and will set appropriate dividend policies for each business following completion

* Pentair - proposed deal will create a global water company that will retain Pentair name and ticker symbol and an electrical company to be named later

* Pentair PLC - until planned separation is completed, pentair expects to continue to pay its quarterly dividend

* Pentair PLC - upon completion of spin-off, electrical will become an independent publicly-traded company

* Pentair PLC - upon completion of spin-off, Pentair shareholders will receive shares of electrical on a pro rata basis

* Pentair - upon separation, John Stauch, cfo of Pentair, will become Water's CEO and Karl Frykman, current president of Pentair's water segment, will become water's COO

* Pentair - water expected to maintain Pentair's existing incorporation and tax residency; electrical expected to have similar incorporation, tax residency

* Pentair PLC says Beth Wozniak, current president of Pentair's electrical segment, will become CEO of electrical

* Says Randall Hogan will retire as Pentair's chairman and CEO and will serve as chairman of electrical

* Pentair PLC - existing board member David A. Jones will become chairman of water Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below