Pentair plc (NYSE: PNR), Manchester, UK, has approved a plan to separate two independent, publicly-traded companies. The separation is expected to occur through a tax-free spin-off of electrical by Pentair to its shareholders.
The proposed transaction will create a global water company focused on sustainable water and fluid processing applications serving residential, commercial and industrial customers. Strategic business groups include Filtration & Process, Flow Technologies and Aquatic & Environmental Systems. The company will retain the Pentair name and ticker symbol. Pentair water segment generated $2.8 billion in sales in 2016.
The transaction will also create a high-performance electric company focused on improving utilization, lowering costs and maximizing customer uptime. Strategic business groups include Enclosures, Thermal Management and Electrical & Fastening Solutions. The company will be named at a later date. The electrical segment generated $2.1 billion in sales in 2016.
