May 2019 Spin-Off Insights Monthly Newsletter

Monthly Spin-Off Recap:

New Spin-Off Announcements

  • The Ensign Group: Pennant (Spin-Off)
  • TiVo Corporation: Product Business (Spin-Off)

Closed Spin-Off Transactions

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

Upcoming Spin-Off Transactions

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

Spin-Off Pipeline Updates

  • Brunswick Corporation: Fitness Business
  • The Madison Square Garden Company: Sports Business (Spin-Off)
  • Tenneco: Aftermarket & Ride Performance (Spin-Off)
  • Post Holdings: Active Nutrition (Carve-Out)
  • Nuance Communications: Automotive Segment (Spin-Off)
  • The Gap, Inc : Old Navy (Spin-Off)

Potential Spin-Off Updates

  • Devon Energy
  • PPG Industries

New Spin-Off Announcements:

The Ensign Group: Pennant (Spin-Off)

The Ensign Group is a provider of post-acute health care services. This includes a broad spectrum of skilled nursing, assisted living, home health and hospice, and other ancillary services. Overall, they operate 188 skilled nursing care facilities for both short-stay and long-stay patients and 80 assisted and independent living facilities (24 are co-located with one of their skilled nursing care facilities).

On May 6, 2019, they announced the plan to separate the home health and hospice businesses, senior living operations, and mobile diagnostics and clinical laboratory businesses into a new company, to be named The Pennant Group, through a spin-off. Ensign will retain the skilled nursing facilities, rehab care services, and healthcare campuses. The transaction is expected to close in the fourth quarter of 2019.

TiVo Corporation: Product Business (Spin-Off)

TiVo Corporation is a leader in media and entertainment products that power consumer entertainment experiences. They provide software and intellectual property licenses to cable and satellite companies that enable consumers to navigate through content (search across live TV, on-demand, Netflix, Amazon, etc.) with a single interface, record shows, and recommend content. Only a small part of the business today is from the set-top box many consumers and investors associate with TiVo.

On May 9, 2019, TiVo announced the plan to spin-off the Product business as a stand-alone company. The remaining TiVo will be solely comprised of the Intellectual Property Licensing business.

Closed Spin-Off Transactions:

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

VF Corp is a large, U.S. based apparel company that has acquired numerous brands over the years and generates around $14 billion in revenue. In August 2018, they announced the plan to spin-off the slower growth Jeanswear segment into an independent, public company. This spin-off closed on May 23, 2019.

The new company, Kontoor Brands, owns two of the most popular denim brands in the U.S., Wrangler and Lee, and generates ~$2.7 billion in revenue. It is expected to be a much slower growing business than VF Corp and pay out a large percentage of its cash flow to shareholders in the form of dividends. While the Wrangler and Lee brands have been around for many decades and are very well known, they are not immune to the challenges facing many large apparel companies today.

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 the agriculture business, Corteva, on June 1, 2019 (first day of trading on June 3rd).

Corteva generates ~$14 billion in revenue and provides 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. The business faces challenges that are outside of their control on a year-to-year basis, such as crop prices impacting farmer income (very negative in recent years) and weather (flooding in the Midwest has created challenges in 2019). However, it is a decent business with significant technology and distribution capabilities. These advantages include one of the largest germplasm pools in the world and direct relationships with farmers through the Pioneer Brand.

Upcoming Spin-Off Transaction:

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. IAA 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 they didn’t receive a favorable private letter ruling from the IRS until April. With the private letter ruling and financing transactions completed (IAA will have $1.3 billion of debt), the spin-off looks like it will likely happen towards the end of June or in July.

Spin-Off Pipeline Updates:

Brunswick Corporation: Fitness Business 

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 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).

On May 6, 2019, management announced that they will sell the Fitness business to KPS Capital Partners for ~$490 million in cash rather than pursing the spin-off. They believe this is a better outcome for the company and shareholders than spinning off the segment.

The Madison Square Garden: Sports Business (Spin-Off)

The Madison Square Garden Company owns a variety of sports teams and venues (Madison Square Garden, Radio City Music Hall, etc.). In June 2018, they announced the plan to spin-off the Sports business into a separate, publicly traded company. Its primary assets will be the professional sports franchises of the New York Knicks and Rangers.

On May 8, 2019, Madison Square Garden reported fiscal third quarter results and provided an update on the spin-off. Management is working to get league approvals for the transaction and expects the spin-off will close sometime in the second half of 2019. This is similar to the process they executed with the previous spin-off from Cablevision.

Tenneco: Aftermarket & Ride Performance (Spin-Off)

Tenneco is a global automotive supplier that recently merged with Federal-Mogul. The plan is to integrate these two companies, generate significant cost synergies, and then spin-off the Aftermarket and Ride Performance Company. The new company, to be named DriV, will be comprised of Federal-Mogul’s legacy Motorparts segment and Tenneco’s legacy Ride Performance segment.

On May 9, 2019, Tenneco reported first quarter 2019 results and provided an update on the spin-off. They pushed back the expected timing for the spin-off to mid-2020. Management believes this extra time will allow the newly merged company to stabilize its business processes and systems, solidify margin and cash flow performance, and strengthen the balance sheet.

Post Holdings: Active Nutrition (Carve-Out)

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

On May 2, 2019, Post reported fiscal second quarter results and provided an update on the carve-out transaction. The Active Nutrition segment’s revenue grew by over 5% and segment EBITDA increased significantly (over 50%) due to lower advertising and marketing expenses. In terms of the timing of the carve-out, they expect the transaction to close in September or October.

Nuance Communications: Automotive Segment (Carve-Out)

Nuance Communications is a leading provider of voice recognition and natural language understanding solutions (their technology is behind Apple’s Siri). In November 2018, they announced the plan to spin-off the Automotive segment. This business provides auto manufacturers and suppliers with virtual assistants and connected services for cars.

On May 8, 2019, Nuance reported fiscal second quarter results and provided an update on the spin-off transaction. The Auto business had a good quarter with new design wins with existing customers such as Toyota, Ford, Chrysler, Volkswagen, and Garmin, as well as in new BMW and Daimler electric vehicles. In terms of the automotive segment spin-off, they made significant progress. They hired a CEO for the business and are in the process of recruiting board members. Overall, they are currently on-track for an October 1st spin-off.

The Gap, Inc: Old Navy (Spin-Off)

The Gap, Inc. is a U.S. based retailer offering clothes, accessories, and personal care products for men, women, and children. In February 2019, they announced the plan to split the company into two. One company will be comprised of the Old Navy Brand and the remaining company will consist of the Gap, Banana Republic, and other (mainly Athleta and Intermix) brands.

On May 30, 2019, they announced first quarter results and provided an update on the spin-off transaction. Comparable sales were weak across all the brands with Old Navy down 1%, Gap down 10%, and Banana Republic down 3%. Management reiterated that the decision to separate off Old Navy is not in response to short-term trends but rather to set the company up for long-term success.

Potential Spin-Off Updates:

Devon Energy (Strategic Review)

Devon Energy is an independent exploration and production oil & gas company. In February 2019, they announced the plan to separate off the Canadian and Barnett Shale assets through a sale or spin-off and focus on the U.S. oil business. On May 31, 2019, they announced the sale of the Canadian assets to Canadian Natural Resources for CAD $3.8 billion. While they still plan on exiting the Barnett assets, it increasingly looks like the transaction structure will be through an asset sale rather than a spin-off.

PPG Industries, Inc. (Strategic Review)

In October 2018, the activist investment firm 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 underwent a strategic review of the business portfolio where they assessed the relative value associated with the combination or separation of the architectural and industrial coatings businesses. On May 21, 2019, PPG completed the strategic review and concluded that the current business portfolio composition represents the best opportunity to create long-term shareholder value. As a result, the company will not break-up.

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. 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.

Kontoor Brands (KTB)

Kontoor Brands is a large Jeanswear company that is predominately comprised of two of the most popular denim brands in the U.S., Wrangler and Lee. They spun-off from VF Corp on May 23, 2019 and are now a standalone company that generates ~$2.7 billion in revenue. The Wrangler and Lee brands have struggled in recent years as consumers shift shopping habits away from the wholesale channels (department stores, malls, etc.). As a result, KTB is a much slower growth business than VF Corp and is expected to pay out a large percentage of its cash flow to shareholders in the form of dividends. Please see the Kontoor Brands Research Report (subscription required) to learn more about the investment opportunity, apparel industry dynamics, competitive environment, and Kontoor’s business strategy, capital allocation decisions, and key risks.

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)
  • Danaher: Dental Segment (Carve-Out)
  • Nuance Communications: Automotive Segment (Spin-Off)
  • Eaton Corporation: Lighting Business (Spin-Off)
  • The Ensign Group: The Pennant Group (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)
  • Tenneco: Aftermarket & Ride Performance (Spin-Off)
  • United Technologies: Carrier (Spin-Off)
  • United Technologies: Otis (Spin-Off)
  • The Gap, Inc: Old Navy (Spin-Off)
  • TiVo Corporation: Product Segment (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
TiVo CorporationTIVOProduct SegmentTBDSpin-Off1H 2020Spin-Off Brief
The Ensign GroupENSGThe Pennant GroupPNTGSpin-OffQ4 2019Spin-Off Brief
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
MallinckrodtMNKSpecialty GenericsTBDSpin-Off2H 2019Spin-Off Note
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
Eli Lilly and CompanyLLYElanco Animal HealthELANCarve-Out DistributionClosedResearch 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
KLX Inc.KLXIKLX Energy ServicesKLXESpin-OffClosedResearch Report

Henry ScheinHSICCovetrusCVETSpin-OffClosedResearch Report

TennecoTENDRiVTBDSpin-Off2020Spin-Off Brief
Fortive Corp
FTVA&S SegmentAIMC
Split-Off
ClosedResearch Report
KAR Auction Services
KAR
Insurance Auto Auctions IAA
Spin-Off
Q2 2019Research Report
EQT Corp
EQT
Equitrans (Pipeline Business)
ETRNSpin-Off
Closed
Spin-Off Brief
Twenty-First Century Fox
FOXAFOX Corporation
FOXA / FOXSpin-Off
Closed
Research Report

Spin-Off Brief
Trinity Industries
TRN
Arcosa, IncACA
Spin-Off
Closed
Research Report

Honeywell
HONGarrett Motion
GTXSpin-Off
ClosedResearch Report

Honeywell
HONResideo Technologies
REZI
Spin-Off
Closed
Research Report
ServiceMaster
SERV
FrontdoorFTDRSpin-OffClosedResearch Report

FMC Corporation
FMC
Livent Corporation (Lithium Segment)
LTHM
Carve-Out Distribution
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-OffQ2 2019
Research Report
Madison Square GardenMSGSports BusinessTBDSpin-Off2H 2019Spin-Off Brief
DanaherDHRDental SegmentTBDCarve-Out2H 2019Spin-Off Brief
Post HoldingsPOSTActive NutritionTBDCarve-Out2H 2019Spin-Off Brief
Nuance CommunicationsNUANAutomotive SegmentTBDSpin-Off2H 2019Spin-Off Brief
MallinckrodtMNKSpecialty GenericsTBDSpin-Off2H 2019Spin-Off Note
Eaton CorporationETNLightingTBDSpin-OffQ4 2019Spin-Off Brief
The Ensign GroupENSGThe Pennant GroupPNTGSpin-OffQ4 2019Spin-Off Brief
ArconicARNCTBDTBDSpin-Off1H 2020Spin-Off Brief
Ingersoll-RandIRIndustrial SegmentTBDSpin-Off1H 2020Spin-Off Brief
TiVo CorporationTIVOProduct SegmentTBDSpin-Off1H 2020Spin-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

Recent Spin-Off List

Spin-Off NameSpin-Off TickerParent NameParent TickerSpin-Off TypeSpin-Off DateResources
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
2019-06-03T08:54:50-05:00