(Corrects first paragraph to say Pentair is based in UK, not
the United States)
May 9 UK-based pump manufacturer Pentair Plc
said on Tuesday it would spin off its electrical
business into a separate publicly traded company, as it focuses
on its core business, which makes water treatment equipment.
Pentair's electrical business makes stainless steel,
aluminum and non-metallic enclosures that guard sensitive
electrical and electronic equipment, and reported sales of $2.1
billion in 2016.
This company, to be separated in a tax-free spin-off to
Pentair shareholders, would be named at a later date, Pentair
Pentair would be left with its water business, which
reported sales of $2.8 billion in 2016.
The separation is expected to close in the second quarter of
2018, Pentair said.
Goldman Sachs & Co LLC served as financial adviser to
Pentair, while Foley & Lardner LLP acted as legal adviser.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Martina