April 2019 Spin-Off Insights Monthly Newsletter

Monthly Spin-Off Recap:

New Spin-Off Announcements

  • Ingersoll-Rand: Industrial Segment (Spin-Off)

Closed Spin-Off Transactions

  • DowDuPont: Dow Inc. (Spin-Off)
  • Novartis: Alcon (Spin-Off)

Upcoming Spin-Off Transactions

  • V.F. Corp: Kontoor Brands (Spin-Off)
  • DowDuPont: Corteva, Inc. (Spin-Off)
  • KAR Auction Services: Insurance Auto Auctions (Spin-Off)

Spin-Off Pipeline Updates

  • Post Holdings: Active Nutrition (Carve-Out)
  • Brunswick Corporation: Fitness Business (Spin-Off)
  • Danaher Corporation: Dental Segment (Carve-Out)
  • DowDuPont: Corteva, Inc. (Spin-Off)

Potential Spin-Off Updates

  • eBay Inc.
  • PPG Industries

New Spin-Off Announcement:

Ingersoll-Rand: Industrial Segment (Spin-Off)

Ingersoll-Rand is a diversified industrial company that focuses on products and services to improve the quality and comfort of air in homes and buildings, transport and protect food and perishables, and increase industrial productivity and efficiency. In the Climate business, they have leading market positions in HVAC systems with the Trane and American Standard brands as well as in transportation refrigeration with the Thermo King brand. In the Industrial business, they have strong positions in compressed air and gas systems as well as power tools and fluid management systems.

On April 30th, they announced the plan to spin-off and merge the industrial segment with Gardner Denver through a Reverse Morris Trust transaction. This new company will operate under the Ingersoll-Rand name. The combined company will be 50.1% owned by existing Ingersoll-Rand shareholders and 49.9% owned by Gardner Denver shareholders. Ingersoll-Rand’s remaining Climate segment will take a new name and be a pure-play HVAC and refrigeration company. The transaction is expected to close in early 2020.

Closed Spin-Off Transactions:

DowDuPont: Dow Inc. (Spin-Off)

DowDuPont is a huge global chemical conglomerate formed in 2017 from the merger of Dow and DuPont. The Dow spin-off closed on April 1st and began trading as a stand-alone entity on April 2nd. Dow is a large global commodity chemical business that manufactures products throughout the chemical value chain.

Dow Inc. generated pro forma revenue of about $49 billion and operating EBIT of nearly $6.2 billion in 2018. They have large fixed assets around the globe, as well as JVs with strategic partners in cost-advantaged locations. The main business driver is the difference between feedstock costs and the price received for their end products (“crack spread”).

There are a few reasons why Dow could be an interesting opportunity:

  • Potential to Grow EBITDA Without Needing to Invest in Large Capital Projects
  • Management has the Right Strategy to Manage a Cyclical, Commodity Business
  • ‘Hidden’ Value in the Joint Ventures

However, there are some significant risks investors need to carefully consider:

  • Economically Sensitive Business
  • Supply/Demand Balance and Commodity Prices Significantly Impact the Business
  • Balance Sheet Liabilities

Please see the DOW Research Report (subscription required) to learn all about the company and various dynamics within the chemical industry.

Novartis: Alcon Inc. (Spin-Off)

Novartis is a Basel, Switzerland based healthcare company that generates net sales of ~$52 billion. In June 2018, they announced the plan to spin-off one of their segments, Alcon, into a separately-traded stand-alone company. Alcon is one of the largest eye care companies in the world and generates ~$7.1 billion of net sales. The spin-off closed on April 9th.

Alcon develops, manufactures, and sells ophthalmic products and equipment for various surgical procedures, as well as contact lenses and other ocular health products. Their solutions help eye care professionals treat refractive errors, presbyopia, dry eye, cataracts, retinal diseases, and glaucoma. Alcon is fundamentally a good business and should benefit from a handful of long-term secular growth drivers. However, investors must carefully weigh some risks, such as pricing pressure in more mature products and disruption within the traditional sales channels.

Please see the Alcon Research Report (subscription required) to learn more about the investment opportunity, eye care industry dynamics, and Alcon’s business strategy, competitive strengths, capital allocation decisions, financial profile, key risks, and management team.

Upcoming Spin-Off Transactions:

V.F. Corp: Kontoor Brands, Inc. (Spin-Off)

VF Corp is a U.S. based apparel company with revenues approaching $14 billion. In August 2018, they announced the plan to spin-off the Jeanswear business as a separate company to be named Kontoor Brands. The new company will generate approximately $2.7 billion in revenue and own the Wrangler, Lee, and Rock & Republic brands as well as the VF Outlet business. Management expects the spin-off to be completed after the market close on May 22, 2019, with VF shareholders receiving one share of Kontoor Brands common stock for every seven shares of VF common stock held.

The Kontoor Brands Research Report will be published in the first week of May, but in the meantime you can read the VFC Spin-Off Brief (subscription required) to learn more about the upcoming transaction.

DowDuPont: Corteva, Inc. (Spin-Off)

DowDuPont is a large global chemical conglomerate formed in 2017 from the merger of Dow and DuPont. They completed the spin-off of the commodity chemical business Dow, on April 1, 2019, and are set to spin-off the agriculture business, Corteva, in the first week of June.

Corteva will generate ~$14 billion in revenue and provide seeds (~56% of sales) and crop protection chemicals (~44% of sales), as well as a variety of software solutions to farmers. These products help improve crop yields and farmers’ profitability. While the business has slowed in recent years with weak crop prices driving decreases in farmer income, it remains a good business with significant technology and distribution capabilities.

The Corteva Research Report will be published in the first half of May, but in the interim you can learn more about the DowDuPont spin-offs in the DWDP Spin-Off Brief (subscription required).

KAR Auction Services: Insurance Auto Auctions (Spin-Off)

KAR Auction Services runs used and salvage car auctions in North America and Europe. They generate revenue from auction fees, as well as through ancillary services like transportation, reconditioning, inspections, marshaling, titling, and floorplan financing. In February 2018, they announced the plan to spin-off the Insurance Auto Auctions (IAA) segment, which is the salvage auction business that primarily sells total loss vehicles for insurance companies.

Management originally expected the spin-off to close at the end of Q1 2019 or early in Q2, but on the Q4 2018 earnings call they were more uncertain on the timing and included some new language that said they are just on track to complete it sometime in 2019. However, in April, they announced that they received a favorable private letter ruling from the IRS with respect to the tax-free status of the spin-off. This is an important step and implies that the spin-off is likely to happen in the coming months.

Also, the activist investment firm Starboard Value announced a position in the company at an investor conference in April. The firm’s founder, Jeff Smith, believes the spin-off will happen and that KAR’s margins will improve over time.

The IAA Research Report will be published when more information regarding the spin-off timing becomes available. In the meantime, you can learn about the business and transaction in the KAR Spin-Off Brief (subscription required).

Spin-Off Pipeline Updates:

Post Holdings: Active Nutrition (Carve-Out)

Post Holdings is a consumer packaged goods holding company that has brands in a variety of different categories. In November 2018, they announced the plan to carve-out the Active Nutrition segment (PowerBar, Dymatize, Premier Protein, etc.) through an IPO of just under 20% of the business.

In April, they made progress towards the transaction. They announced the submission of a confidential draft registration statement with the SEC. This puts the carve-out on-track for sometime in the summer or fall of 2019. For more information on the company’s history, management’s background, and the plan for the new company, please see the POST Spin-Off Brief (subscription required).

Brunswick Corporation: Fitness Business (Spin-Off)

Brunswick designs and manufactures a variety of recreational products, including marine engines, boats, and fitness equipment. In March 2018, they announced the plan to spin-off the Fitness segment. This portfolio move is consistent with the company’s recent strategy of shifting the business more towards marine engines and boats (acquired Power Products Holdings, a marine electrical components business, for over $900 million in 2018 from Genstar Capital).

Management previously communicated that the Fitness business separation would close by the end of the first quarter or soon after. However, they have since said that they will likely sell the business, with an announcement expected sometime in the second quarter. Given the high likelihood of an outright, the Research Report will be published only if the spin-off is confirmed. In the meantime, you can read more about this potential transaction in the BC Spin-Off Brief.

Danaher Corporation: Dental Segment (Carve-Out)

Danaher produces a wide variety of medical, industrial, and commercial products. In July 2018, they announced the plan to separate off the dental segment. The dental business produces products used to diagnose, treat, and prevent disease and ailments of the teeth, gums, and supporting bones. While management initially expected the separation to be structured as a spin-off with a pro forma distribution to DHR shareholders, they now expect to carve-out the business through an IPO to raise capital to help finance the acquisition of the BioPharma business from GE Life Sciences.

Danaher reported first-quarter earnings in April. The reported Dental segment revenue declined by around 2% while core revenue grew 2.5%; segment margins were down about 30bps over the prior year. The decline in margins is mainly due to investments in new products, specifically around clear aligners and digital products. Also, on the conference call, they reiterated the plan to carve-out the Dental business in late 2019.

The Dental segment has struggled to grow in recent years with core sales volumes of traditional dental equipment and consumables declining in developed markets. Management is trying to rejuvenate the segment through increased R&D investments in new technologies. These investments should position the Dental business for success when they are a stand-alone company. You can learn more about the company, pro forma financial profile, and potential investment opportunity in the DHR Spin-Off Brief (subscription required).

DowDuPont: Corteva, Inc. (Spin-Off)

On April 18th, Dow provided an update with regards to first quarter performance. The Agriculture business, Corteva, is expected to report results lower than DowDuPont’s previous guidance. The main reason for the shortfall is due to the flooding across the Midwestern U.S. This created transportation disruptions that stopped farming operations and delayed seed deliveries into April. For instance, fewer than 50% of the planned seed deliveries in the last 5 days of the quarter occurred. As a reminder, this is the busy season for Corteva as they deliver seed to dealers and farmers for the planting season. Overall, DowDuPont’s Agriculture Division expects sales and operating EBITDA to be down 11% and 25%, respectively, versus the same quarter last year.

The Corteva Research Report will be published in the first half of May, but in the interim you can learn more about the DowDuPont spin-offs in the DWDP Spin-Off Brief (subscription required).

Arconic Inc. (Splitting into Two)

Arconic is a large metals engineering and manufacturing company serving a wide range of end markets. In February 2019, they announced the plan to separate into two different companies: Engineered Products & Forgings and Global Rolled Products (the SpinCo and RemainCo will be determined at a later date).

On April 30th, Arconic released first-quarter earnings and announced additional details related to the spin-off. The Global Rolled Products company will comprise the rolled aluminum products, aluminum extrusions, and building and construction systems businesses. The Engineered Products & Forgings company will include engine components, fastening systems, engineered structures, and forged aluminum wheels businesses. Management expects the initial Form 10 to be filed in Q4 2019 and the separation to be completed in Q2 2020. Please see the ARNC Spin-Off Brief (subscription required) to learn more about everything that’s happened since the 2016 Alcoa spin-off, the pro forma financials, and the potential opportunity for investors.

Potential Spin-Off Updates:

eBay Inc. (Operational and Portfolio Review)

In January 2019, Elliott Management took a large stake in eBay and sent a letter to the board outlining a plan that included a comprehensive portfolio review of the eBay Classifieds Group and StubHub. eBay’s margins have fallen from over 30% to the low 20% range during the last five years as they spent aggressively to try to grow the business. Despite this spending, eBay’s growth has consistently fallen short of total worldwide e-commerce sales.

On March 1st, eBay made a significant announcement. They will undergo a strategic review of the portfolio, including StubHub and eBay Classifieds. Furthermore, they will add Jesse Cohn, an Elliott partner, and Matt Murphy, the President and CEO of Marvell Technology, to the board of directors. These moves could set the stage for spinning out the Classifieds and StubHub businesses.

They announced first-quarter results in April and reiterated that the operational and portfolio reviews are underway, but they had no material updates to share at this time. You can learn more about Elliott’s plans in the eBay article.

PPG Industries, Inc. (Strategic Review)

In October 2018, Trian Partners release a white paper outlining their investment thesis for PPG. Trian believes the business has significantly underperformed under the current CEO and Chairman and it could be better off as two separate companies, an Architectural Coatings company and an OEM/Industrial Coatings company.

Not long after Trian released their white paper, PPG announced a strategic review of the business portfolio. They are assessing the relative value associated with the combination or separation of the architectural and industrial coatings businesses. PPG announced first-quarter results in April and reiterated that the strategic review is ongoing and that they will have an announcement by the end of the second quarter 2019. You can learn more about the business and investment situation in the PPG Potential Spin-Off Brief (subscription required).

Recent Spin-Offs:

KLX Energy Services (KLXE)

The aptly named KLX Energy Services is an energy services company that predominately serves the E&P companies in the U.S. shale basins. The spin-off occurred in September 2018 as part of KLE Inc.’s merger with Boeing. KLXE mainly provides completion, intervention, and production services that help well operators reduce non-productive time and develop cost-effective, customized tools for customers’ service needs. Please see the KLXE Research Report (subscription required) to learn more about the business, industry, unique management team/compensation structure, key risks, and investment opportunity.

Elanco Animal Health (ELAN)

Elanco develops, manufactures, and markets products for both production and companion animals. They were carved-out of Eli Lilly in September 2018 and distributed to shareholders in March 2019 through an exchange offer.

Their products for production animals do everything from improving feed efficiency and leanness to treating different illnesses. On the companion animal side of the business, their products include chewable tablets for flea and heartworm along with anti-inflammatory tablets and rabies vaccines. While some may think that an animal health pharmaceutical company and a human health pharmaceutical business are similar, they are in fact quite different. They have large differences in R&D cycles, distribution, and end market drivers, just to name a few. Please see the ELAN Research Report (subscription required) to learn more about the investment opportunity, company, industry, and important risks.

Garrett Motion was spun-off from Honeywell International in October 2018. They are one of the largest manufacturers of turbochargers and electric-boosting technologies for light and commercial automotive OEMs and the aftermarket. A turbocharger provides an engine with a controlled and pressurized air intake, which improves the combustion of fuel to increase the amount of power sent through the transmission. You can read all about the company, opportunity, and key risks in the GTX Research Report (subscription required).

Frontdoor, Inc. (FTDR)

Frontdoor is a national leader in home warranties covering the repair and replacement of many major home systems, components, and appliances. They own multiple home service brands, including HSA, OneGuard, Landmark, and American Home Shield (one of the largest providers of home service plans in the U.S.). They were spun-off from ServiceMaster Global in October 2018. Overall, the company serves around two million customers through its national network of ~14,000 pre-qualified contractors. Please see the FTDR Research Report (subscription required) to learn more about the business, unique financial profile, important industry trends, key risks, and investment opportunity.

Altra Industrial Motion (AIMC)

Fortive split-off and merged their A&S segment with Altra Industrial Motion in October 2018. Altra produces a wide range of mechanical and power transmission components. The merger created a leading power transmission and motion control company while also shifting AIMC’s business mix towards more stable, faster-growing markets. However, Altra has a leveraged balance sheet and still serves some cyclical end markets. You can read the FTV / AIMC Research Report (subscription required) to learn more about the company.

Livent Corporation (LTHM)

Livent Corp is a vertically integrated lithium company that produces a variety of lithium compounds, such as battery-grade lithium hydroxide, butyllithium, and high purity lithium metal. Their products form the raw materials for a wide variety of applications, including electric vehicle batteries, greases, pharmaceuticals, and polymers. Livent was carved-out of FMC Corporation in October 2018 and fully distributed to shareholders in March 2019. They have assets in cost-advantaged areas and technical expertise in supplying processed compounds to customers. Please see the LTHM Research Report (subscription required) to learn more about the business, lithium industry, investment opportunity, key risks, and management team.

Resideo Technologies, Inc. (REZI)

Resideo Technologies manufactures security and comfort products for residential and commercial buildings as well as operates a distribution business. Their products are installed in over 150 million homes and include control and monitoring equipment for temperature, humidity, water, thermal, air, and security. They spun off from Honeywell in October 2018 and include the original Honeywell thermostat business. The business is mainly driven by residential construction and renovation & remodeling activity within the US. You can learn more about the business, investment opportunity, and important risks in the REZI Research Report (subscription required).

Arcosa (ACA)

Arcosa is a small-cap industrial conglomerate that spun-off from Trinity Industries in November 2018. They operate the business through three different segments: Construction Products, Energy Equipment, and Transportation Products. These segments produce everything from aggregates and wind towers to inland barges and pressurized storage containers. Overall, some of their businesses are slightly above average while others are below average. With the spin-off, a new CEO is running the company and is focused on improving the through-the-cycle return profile. Please see the ACA Research Report (subscription required) to learn more about the investment opportunity, business strategy, key risks, and management team.

Covetrus, Inc. (CVET)

In February 2019, Henry Schein spun-off their Animal health distribution business and merged it with Vets First Choice to form Covetrus. They are one of the leading veterinary supply chain and technology providers in the world. Covetrus serves as a key partner to help a very fragmented customer base of veterinarians make their practices more efficient and profitable while improving customer service. A number of different factors should continue to drive growth in the veterinary industry over time and provide a tailwind for Covetrus. Please see the CVET Research Report (subscription required) to learn more about the company, investment opportunity, animal health industry, and management team.

Wabtec Corporation (WAB)

General Electric spun-off their transportation segment and merged it with Wabtec in February 2019. GE Corporate continues to own a significant stake in the post-merger company, with the rest of Wabtec owned by GE shareholders and Wabtec shareholders. Prior to the transaction, Wabtec was one of the largest providers of products and services for new and existing locomotives, freight cars, and passenger transit vehicles. To their benefit, GE Transportation is not only one of the largest locomotive manufacturers, but also one of the largest servicers. As a result, this transaction combines GE’s locomotive manufacturing assets and servicing portfolio with Wabtec’s wide range of freight and transit products. Wabtec has historically been a well-managed company and they are executing this merger at what could end up being the bottom of the freight cycle. You can read all about the transaction, business fundamentals, competitive strengths, and management team in the WAB Research Report (subscription required).

Fox Corporation (FOX)

In March 2019, 21st Century Fox merged with Disney and spun-off various cable channels, the FOX Network, and company-owned television stations as Fox Corporation. New Fox’s largest assets are the cable channels (FOX News, FOX Business, FOX Sports, etc.), the FOX Network (programming rights for NFL, MLB, NASCAR, etc.), and television stations (28 full power broadcast stations). This ‘must have’ content should continue to be relevant regardless of how it is distributed. However, the industry is rapidly evolving and becoming more competitive. Please see the Fox Research Report (subscription required) for all the details on the investment opportunity and state of the media industry, as well as an analysis of the business and corporate governance.

Dow Inc. (DOW)

Dow is an enormous global commodity chemical conglomerate that spun-off from DowDuPont in April 2019. The spin-off comes a few years after Dow and DuPont merged, combined various segments, and then spun-off into multiple companies. In 2018, Dow generated pro forma revenue of about $49 billion and operating EBIT of nearly $6.2 billion. They have large fixed assets around the globe, as well as JVs with strategic partners in cost-advantaged locations. The main business driver is the difference between feedstock costs and the price received for their end products. Please see the Dow Research Report (subscription required) to learn all about the company, investment opportunity, and the various dynamics within the chemical industry.

Alcon Inc. (ALC)

Alcon is the largest eye care devices company in the world, generating ~$7.1 billion in revenue during 2018. They spun-off from Novartis in April 2019 and are now an independent, stand-alone company for the first time in many decades. Alcon operates through two segments: Surgical and Vision Care. They develop, manufacture, distribute and sell ophthalmic products and equipment for different surgical procedures, as well as contact lenses and other ocular health products.  Their solutions help eye care professionals treat refractive errors, presbyopia, dry eye, cataracts, retinal diseases, and glaucoma. Please see the Alcon Research Report (subscription required) to learn more about the investment opportunity, eye care industry dynamics, and Alcon’s business strategy, competitive strengths, capital allocation decisions, financial profile, key risks, and management team.

2019 – 2020 Research Report Publication Schedule:

First Quarter 2019

  • Henry Schein: Covetrus (Spin-Off)
  • General Electric: GE Transportation (Spin-Off)
  • Twenty-First Century Fox: Fox Corporation (Spin-Off)

Second Quarter 2019

  • DowDuPont: Dow Inc. (Spin-Off)
  • Novartis: Alcon (Spin-Off)
  • V.F. Corporation: Kontoor Brands (Spin-Off)
  • DowDuPont: Corteva, Inc. (Spin-Off)
  • KAR Auction Services: Insurance Auto Auctions (Spin-Off)

Second Half 2019 (Exact Timing TBD)

  • The Madison Square Garden Company: Sports Business (Spin-Off)
  • Post Holdings: Active Nutrition (Carve-Out)
  • Tenneco: Aftermarket & Ride Performance (Spin-Off)
  • Danaher: Dental Segment (Carve-Out)
  • Nuance Communications: Automotive Segment (Spin-Off)
  • Eaton Corporation: Lighting Business (Spin-Off)

2020 (Exact Timing TBD)

  • Arconic: Splitting into Two (SpinCo and RemainCo TBD)
  • Ecolab: Upstream Energy (Spin-Off)
  • Ingersoll-Rand: Industrial Segment (Spin-Off)
  • United Technologies: Carrier (Spin-Off)
  • United Technologies: Otis (Spin-Off)
  • The Gap, Inc: Old Navy (Spin-Off)
  • General Electric: Healthcare Segment (Carve-Out)

Spin-Off Calendar (Sorted by Announced Date)

Parent NameParent TickerSpin-Off NameSpin-Off TickerSpin-Off Type Anticipated Spin DateResources
FortiveFTVIndustrial Technologies SegmentTBDTBD2H 2020Spin-Off Brief: Fortive Corporation
PfizerPFEUpjohnTBDSpin-Off2020Spin-Off Brief
Tenet HealthcareTHCConiferTBDSpin-Off2021Spin-Off Brief
AECOMACMManagement ServicesTBDSpin-Off2020Spin-Off Brief
Eagle MaterialsEXPTBDTBDSpin-Off1H 2020Spin-Off Brief
TiVo CorporationTIVOProduct SegmentTBDSpin-Off1H 2020Spin-Off Brief
The Ensign GroupENSGThe Pennant GroupPNTGSpin-OffQ4 2019Research Report
Ingersoll-RandIRIndustrial SegmentTBDSpin-Off1H 2020Spin-Off Brief
Eaton CorporationETNLighting TBDSpin-OffQ4 2019Spin-Off Brief
The Gap, Inc.GPSOld NavyTBDSpin-Off2020Spin-Off Brief
Arconic Inc.ARNCTBDTBDSpin-Off1H 2020Spin-Off Brief
Ecolab Inc.ECLUpstream EnergyTBDSpin-OffMid-2020Spin-Off Brief
United Technologies CorpUTXOtisTBDSpin-Off2020Spin-Off Brief
United Technologies CorpUTXCarrierTBDSpin-Off2020Spin-Off Brief
United Technologies CorpUTXAerospaceUTXRemainCo2020Spin-Off Brief
Nuance CommunicationsNUANAutomotive SegmentTBDSpin-Off2H 2019Spin-Off Brief
Post HoldingsPOSTActive NutritionTBDCarve-Out2H 2019Spin-Off Brief
V.F. CorpVFCKontoor BrandsKTBSpin-OffClosedResearch Report
DanaherDHRDental SegmentTBDCarve-Out2H 2019Spin-Off Brief
NovartisNVSAlconALCSpin-OffClosedResearch Report
Madison Square GardenMSGSports BusinessTBDSpin-Off2H 2019Spin-Off Brief
General ElectricGEGE HealthcareTBDCarve-Out2020Spin-Off Brief
General ElectricGETransportation SystemsWABSpin-OffClosedResearch Report
Henry ScheinHSICCovetrusCVETSpin-OffClosedResearch Report

TennecoTENDRiVTBDSpin-Off2020Spin-Off Brief
KAR Auction Services
KAR
Insurance Auto Auctions IAA
Spin-Off
ClosedResearch Report
DowDuPont
DWDP
Corteva Agriscience
CTVA
Spin-OffClosed
Research Report
DowDuPont
DWDP
Dow
DOWSpin-Off
ClosedResearch Report

Spin-Off Calendar (Sorted by Upcoming Spin Date)

Parent NameParent TickerSpin-Off NameSpin-Off TickerSpin-Off TypeAnticipated Spin DateResources
Twenty-First Century Fox
FOXAFOX Corporation
FOXA / FOX
Spin-OffClosed (Q119)
Research Report
DowDuPont
DWDPDowDOWSpin-OffClosed (Q219)
Research Report
NovartisNVSAlconALCSpin-OffClosed (Q219)Research Report
V.F. CorpVFCKontoor BrandsKTBSpin-OffClosed (Q219)Research Report
DowDuPont
DWDPCorteva Agriscience
CTVA
Spin-OffClosed (Q219)
Research Report
KAR Auction Services
KAR
Insurance Auto Auctions IAASpin-OffClosed (Q219)
Research Report
Post HoldingsPOSTActive NutritionTBDCarve-OutQ4 2019Spin-Off Brief
The Ensign GroupENSGThe Pennant GroupPNTGSpin-OffQ4 2019Research Report
Nuance CommunicationsNUANAutomotive SegmentTBDSpin-OffQ4 2019Spin-Off Brief
DanaherDHRDental SegmentTBDCarve-OutQ4 2019Spin-Off Brief
Eaton CorporationETNLightingTBDSpin-OffQ4 2019Spin-Off Brief
Madison Square GardenMSGSports BusinessTBDSpin-OffQ1 2020Spin-Off Brief
Eagle MaterialsEXPTBDTBDSpin-Off1H 2020Spin-Off Brief
ArconicARNCTBDTBDSpin-Off1H 2020Spin-Off Brief
Ingersoll-RandIRIndustrial SegmentTBDSpin-Off1H 2020Spin-Off Brief
TiVo CorporationTIVOProduct SegmentTBDSpin-Off1H 2020Spin-Off Brief
PfizerPFEUpjohnTBDSpin-Off2020Spin-Off Brief
AECOMACMManagement ServicesTBDSpin-Off2020Spin-Off Brief
United Technologies CorpUTXCarrierTBDSpin-Off2020Spin-Off Brief
United Technologies CorpUTXOtisTBDSpin-Off2020Spin-Off Brief
United Technologies CorpUTXAerospaceUTXRemainCo2020Spin-Off Brief
Tenneco
TEN
DRiV
TBD
Spin-Off2020
Spin-Off Brief
Ecolab Inc.ECLUpstream EnergyTBDSpin-Off2020Spin-Off Brief
The Gap, Inc.GPSOld NavyTBDSpin-Off2020Spin-Off Brief
General ElectricGEGE HealthcareTBDCarve-Out2020Spin-Off Brief
FortiveFTVIndustrial Technologies SegmentTBDTBD2H 2020Spin-Off Brief: Fortive Corporation
Tenet HealthcareTHCConiferTBDSpin-Off2021Spin-Off Brief

Recent Spin-Off List

Spin-Off NameSpin-Off TickerParent NameParent TickerSpin-Off TypeSpin-Off DateResources
IAA, Inc.IAAKAR Auction ServicesKARSpin-Off6/28/2019Research Report
CortevaCTVADowDuPontDWDPSpin-Off6/3/2019Research Report
Kontoor BrandsKTBVF CorpVFCSpin-Off5/23/2019Research Report
AlconALCNovartisNVSSpin-Off4/9/2019Research Report
DowDOWDowDuPontDWDPSpin-Off4/2/2019Research Report
Fox CorporationFOX / FOXATwenty-First Century FoxFOX / FOXASpin-Off3/19/2019Research Report
WabtecWABGE TransportationGESpin-Off2/25/2019Research Report
CovetrusCVETHenry ScheinHSICSpin-Off2/7/2019Research Report
Equitrans MidstreamETRNEQT CorpEQTSpin-Off11/12/2018Spin-Off Brief
Arcosa, Inc.ACATrinity IndustriesTRNSpin-Off11/1/2018Research Report
Resideo TechnologiesREZIHoneywell InternationalHONSpin-Off10/29/2018Research Report
Livent CorporationLTHMFMC CorpFMCCarve-Out10/11/2018Research Report
Garrett MotionGTXHoneywell InternationalHONSpin-Off10/1/2018Research Report
FrontdoorFTDRServiceMasterSERVSpin-Off10/1/2018Research Report
Fortive A&S SegmentAIMCFortiveFTVSplit-Off10/1/2018Research Report
Elanco Animal HealthELANEli LillyLLYCarve-Out9/20/2018Research Report
KLX Energy ServicesKLXEKLX Inc.KLXISpin-Off9/14/2018Research Report
2019-05-01T08:45:12-05:00