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3 months ago
CORRECTED-UPDATE 1-Pentair to spin off its electrical business
May 9, 2017 / 11:53 AM / 3 months ago

CORRECTED-UPDATE 1-Pentair to spin off its electrical business

(Corrects first paragraph to say Pentair is based in UK, not the United States)

May 9 (Reuters) - 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 said.

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 D'Couto)

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