June 2019 Spin-Off Insights Monthly Newsletter

Monthly Spin-Off Recap:

New Spin-Off Announcements

  • AECOM: Management Services Segment (Spin-Off)

Closed Spin-Off Transactions

  • DowDuPont: Corteva, Inc. (Spin-Off)
  • KAR Auction Services: IAA, Inc. (Spin-Off)

Upcoming Spin-Off Transactions

  • The Madison Square Garden Company: Sports Business (Spin-Off)
  • Post Holdings: Active Nutrition (Carve-Out)

Spin-Off Pipeline Updates

  • Danaher Corporation: Dental Segment (Carve-Out)
  • United Technologies: Otis and Carrier (Spin-Offs)

Potential Spin-Off Updates

  • DuPont
  • Taubman Centers
  • The Howard Hughes Corporation

New Spin-Off Announcement:

AECOM: Management Services Segment (Spin-Off)

AECOM provides planning, design, engineering, and construction services for governments and private sector clients in transportation, facilities, environmental, energy, water, and government end markets. On June 17, 2019, they announced the plan to separate the Management Services segment through a spin-off. AECOM will retain the engineering & construction and planning businesses.

The Management Services segment is a major contractor to the U.S. federal government, particularly the departments of Defense and Energy. They manage a wide variety of projects, spanning from the operation and maintenance of military bases and the deactivation and disposal of nuclear waste to logistics and training programs. The transaction is expected to close in 2020.

Soon after management announced the spin-off, Starboard Value released an open letter to the board. The letter discusses AECOM’s operational shortfalls relative to peers, discounted valuation, and pushes the company to pursue a strategic review.

To learn more about the business, investment situation, and potential opportunity, please see the AECOM Spin-Off Brief.

Closed Spin-Off Transactions:

DowDuPont: Corteva, Inc. (Spin-Off)

DowDuPont is a large 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 was 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 (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.

To learn about the investment opportunity, important risks, the Agriscience industry, and Corteva’s business strategy, competitive strengths, capital allocation plans, financial profile, and management team, please see the Corteva Research Report.

KAR Auction Services: IAA, Inc. (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, inspection, marshaling, titling, and floorplan financing. On June 28, 2019, they completed the spin-off of IAA, Inc.

IAA facilitates the purchase and sale of salvage vehicles by providing processing, storage, and auction services through 179 sites across the U.S. and Canada, 14 sites in the U.K., and multiple digital venues. Their marketplaces bring together vehicle sellers and vehicle buyers, which maximizes the value of vehicles sold, lowers administrative costs, shortens the selling cycle and increases the predictability of return to vehicle sellers. In fiscal 2018, they facilitated the sale of ~2.5 million salvage vehicles and generated ~$1.3 billion of revenue.

The IAA Research Report digs into the company and puts into context many of the issues important to investors, such as the business economics, industry structure, capital allocation priorities, and key risks.

Upcoming Spin-Off Transactions:

Post Holdings: Active Nutrition Segment (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 April 5th, they confidentially submitted the Form S-1 with the SEC. Management expects the transaction to close in September or October 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.

The Madison Square Garden Company: 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 New York Knicks and Rangers professional sports franchises.

Management filed an initial Form 10 with the SEC in 2018 and expects the transaction to close sometime in the second half of 2019. For more information on the business, transaction, and opportunity, please see the MSG Spin-Off Brief.

Spin-Off Pipeline Updates:

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 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.

Management recently presented at the Stanford Bernstein Strategic Decisions Conference where they provided an update on the carve-out. They plan on standing up the Dental segment as a 100% independent company sometime later this year. They will initially IPO 19.9% of the shares and then either do secondary offerings to sell the remaining shares or distribute the ownership to shareholders through a split-off or spin-off transaction. You can learn more about the company, pro forma financial profile, and potential investment opportunity in the DHR Spin-Off Brief.

United Technologies: Otis and Carrier (Spin-Offs)

United Technologies is an industrial conglomerate that provides products and services to the building systems and aerospace industries across the world. In November 2018, they announced the plan to separate into three different companies through the spin-offs of Otis (Elevators) and Carrier (HVAC, Fire & Security, and Refrigeration). This move was to better align management incentives, allow them to pursue independent capital allocation strategies, and to close the sum-of-the-parts discount and broaden the shareholder base.

While the UTX investment thesis appeared to be getting simpler with the spin-offs, it was complicated in June when management announced the all-stock merger with Raytheon. The merger is expected to be completed after the spin-offs close next year and UTX shareholders are expected to own 57% of the combined company (UTX Aerospace + Raytheon) with Raytheon shareholders owning the balance.

Both shareholder bases are questioning the rationale behind the deal. UTX shareholders are upset because they are giving away a large percentage the upside from owning the next-generation geared turbofan (“GTF”) engine program as it scales (currently generates losses). At the same time, Raytheon shareholders didn’t receive a premium and UTX’s aerospace exposure makes the combined company more cyclical. Two vocal activists, Pershing Square and Third Point, are UTX shareholders and oppose the deal.

This merger is further complicated as Raytheon shareholders will receive shares in United Technologies Aerospace (the RemainCo), a company that doesn’t exist yet. Overall, this creates considerable uncertainty (will the deal get approved or not?) and complexity at a time when UTX appeared to be getting simpler. This uncertainty and complexity could create an opportunity for investors.

You can learn about UTX management’s rationale for the spin-offs and the pro forma companies in the UTX Spin-Off Brief.

Potential Spin-Off Updates:

DuPont (Management Team)

DuPont is a global industrial and specialty chemical conglomerate that manufacturers everything from enzymes for yogurt and adhesives for cars to Kevlar bulletproof vests and Tyvek home wrap. Ed Breen is the Executive Chairman and leads the portfolio and capital allocation strategy. He famously turned around Tyco and executed numerous spin-offs over the years. DuPont’s four segments operate independently of each other and have very limited R&D, sales, and operational synergies. As a result, Breen could be looking to spin-off various DuPont businesses in the future.

“But I’m a big believer and I’ve talked to the Board about this optionality thing. If there really is a path that creates significant value for shareholders by doing some other transaction or so, we would definitely look at it. I’m not going to let ego stand in the way. We’re going to do the right thing. [Emphasis Added]

Ed Breen, Executive Chairman, Sanford Bernstein Strategic Decisions Conference

To learn more about the DuPont RemainCo, you can read the following article: Dupont – First Merger, Then Spins, and Now the RemainCo

Taubman Centers, Inc. (Activist Investor)

Taubman Centers is a real estate investment trust whose sole asset is a 71% general partnership interest in The Taubman Realty Group Limited Partnership (TRG), which owns direct or indirect interests in all the real estate properties. Their main assets are 20 U.S. shopping centers, 3 Asia shopping centers, and the entities that manage properties in the U.S. and Asia.

On June 11, 2019, Land & Buildings Investment Management released a letter to Taubman shareholders pushing the company to exit the businesses in Asia and sell or spin-off the “Jewel Box” assets. Land & Buildings Investment Management has been involved with Taubman for a few years and has been critical of the company’s performance and the family’s governance. To learn more about their investment thesis, please see their website: savetaubman2020.com.

The Howard Hughes Corporation (Strategic Review)

Howard Hughes is a hodgepodge of various real estate assets assembled by a group of investors and spun off from General Growth Properties in 2010. Their assets include master planned communities (The Woodlands, Summerlin, etc.), various operating assets (retail, office, multi-family, etc.), and strategic developments (South Street Seaport, Ward Village, etc.).

On June 27, 2019, they announced that the Board of Directors retained Centerview Partners to assist in the review of strategic alternatives to maximize value. These options include a sale, JV or spin-off of certain assets, recapitalization, changes in corporate structure, or a sale of the company. As a reminder, David Weinreb, the CEO, paid $50 million in September 2017 to acquire nearly 2 million warrants with a strike price of $124.64 and a term of six years. Prior to this announcement, the stock was trading in the $90s, materially below the strike price.

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.

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 to learn more about the investment opportunity, apparel industry dynamics, competitive environment, and Kontoor’s business strategy, capital allocation priorities, and key risks.

Corteva, Inc. (CTVA)

Corteva is one of the largest seeds and crop protection chemical companies in the world. They generate ~$14 billion in revenue with ~56% coming from seeds and the remainder coming from crop protection chemicals. 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 and weather. 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. To learn about the investment opportunity, important risks, the Agriscience industry, and Corteva’s business, please see the Corteva Research Report.

IAA, Inc. (IAA)

IAA facilitates the purchase and sale of salvage vehicles by providing processing, storage, and auction services through 179 sites across the U.S. and Canada, 14 sites in the U.K., and multiple digital venues. Their marketplaces bring together vehicle sellers and vehicle buyers which maximize the value of vehicles sold, lowers administrative costs, shortens the selling cycle and increases the predictability of return to vehicle sellers. In fiscal 2018, they facilitated the sale of ~2.5 million salvage vehicles and generated ~$1.3 billion of revenue. The IAA Research Report digs into the company and puts into context many of the issues important to investors, such as the business economics, industry structure, capital allocation priorities, 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)
  • 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
AECOMACMManagement ServicesTBDSpin-Off2020Spin-Off Brief
Eagle MaterialsEXPTBDTBDSpin-Off1H 2020Spin-Off Brief
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
ClosedResearch 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-OffClosed (Q219)
Research Report
Post HoldingsPOSTActive NutritionTBDCarve-Out2H 2019Spin-Off Brief
Madison Square GardenMSGSports BusinessTBDSpin-Off2H 2019Spin-Off Brief
Nuance CommunicationsNUANAutomotive SegmentTBDSpin-Off2H 2019Spin-Off Brief
MallinckrodtMNKSpecialty GenericsTBDSpin-Off2H 2019Spin-Off Note
DanaherDHRDental SegmentTBDCarve-Out2H 2019Spin-Off Brief
Eaton CorporationETNLightingTBDSpin-OffQ4 2019Spin-Off Brief
The Ensign GroupENSGThe Pennant GroupPNTGSpin-OffQ4 2019Spin-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
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

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
2019-07-01T07:55:53-05:00