UPM-Kymmene shareholders now have a much clearer picture of the plywood company they are scheduled to receive at the end of October. WISA Group held its first Capital Markets Day on September 23, laying out its standalone financial profile, balance sheet and strategy ahead of the planned October 31 demerger from UPM. Trading in WISA shares on Nasdaq… Read More »
Modine Manufacturing ($MOD) has set September 28 as the record date for the spinoff of its Performance Technologies business, with the distribution and immediate merger into Gentherm ($THRM) expected to close October 1. The transaction is structured as a Reverse Morris Trust. Modine shareholders will keep their MOD shares and receive shares of Gentherm, rather than ending up… Read More »
National Fuel Gas Company ($NFG) may be preparing to dismantle the integrated natural-gas model it has spent years telling investors was one of its biggest advantages. Reuters reported Wednesday that National Fuel is exploring strategic alternatives for its Integrated Upstream and Gathering business, which includes Seneca Resources and National Fuel Gas Midstream. The alternatives reportedly include a sale,… Read More »
When Flex announced plans in May to separate its Cloud and Power Infrastructure business, we said the Form 10 would tell us far more than the announcement. The AI-infrastructure story was attractive, but investors still lacked standalone revenue, margins, customer concentration and capital-structure details. That filing arrived Tuesday. The future company is now Axiom Solutions International, and it… Read More »
Corteva has set the final terms and dates for the Vylor spinoff. Shareholders of Corteva (NYSE: CTVA) as of September 24 will receive one share of Vylor for every Corteva share they own. The distribution is scheduled for October 1, and Vylor will trade on the New York Stock Exchange under VYLR. Seven years after Corteva was spun… Read More »
Genuine Parts Company ($GPC) filled in another important piece of its coming breakup on Wednesday, naming the executives who will run the Automotive and Industrial businesses after their planned separation in the first quarter of 2027. Current GPC CEO Will Stengel will go with the Industrial business, which will retain the Motion name, while former Grainger executive Court… Read More »
The headline transaction is easy enough to understand. Tamarack Valley Energy (TSX: TVE) and Headwater Exploration (TSX: HWX) are combining in an all-stock merger valued at roughly C$10 billion, creating by far the largest publicly traded producer focused entirely on Alberta’s Clearwater. The rest of the deal takes considerably more work. Headwater shareholders will receive one Tamarack share… Read More »
Trinzic is an odd name for a business generating more than $5 billion in annual revenue. It’s the name KBR($KBR) has chosen for its Mission Technology Solutions operation, which serves defense, intelligence and space customers. KBR is targeting January 4, 2027, for the spinoff, with TZIC as the proposed stock ticker. For shareholders, the more consequential questions concern… Read More »
On the heels of their Knicks finally winning it all, the Dolans are spinning again. Sixteen years after Cablevision sent Madison Square Garden out on its own, the collection of sports, media and entertainment assets once housed inside the cable company has been divided, recombined and divided again into an increasingly elaborate family tree of public companies. Now… Read More »
Honeywell’s first earnings release after the Aerospace spinoff requires a little subtraction. The headline numbers — $9.7 billion of sales and $4.52 of adjusted earnings per share — still include Honeywell Aerospace, even though HONA has been trading on its own since June 29. The numbers for the company that now trades under HON are smaller and more… Read More »
GE Vernova is the kind of spinoff that makes conglomerate breakup arguments much easier to defend. Then Wind shows up and reminds everyone why the breakup was necessary in the first place. The former GE power business reported a strong second quarter, raised full-year revenue and free-cash-flow guidance, and ended the quarter with a $176 billion backlog. Orders… Read More »
Eaton has found a home for Mobility. The company had already planned a spinoff of its Mobility Group. Now the spinoff plan has changed. Eaton will spin off Mobility and combine it with Dana Incorporated in a Reverse Morris Trust transaction. A Reverse Morris Trust transaction allows a company to sell a division and avoid paying taxes on… Read More »
Resideo was always an awful name. It’s almost as though Honeywell didn’t expect the company to stay independent when it completed the spinoff in 2018 and just used a throwaway name. Though in reality they probably spent millions on a branding agency which subcontracted to a precocious six year old for an extra piece of cake after dinner.… Read More »
Middleby completed the spinoff of its Food Processing business on July 6. The new company, Midera Food Processing, begins regular-way trading today on Nasdaq under the ticker MFP. Middleby shareholders received one Midera share for each Middleby share held as of the June 26 record date. Middleby’s completion announcement is here. We wrote about the planned separation last… Read More »
Solstice Advanced Materials is wasting little time as an independent company. Less than a year after Honeywell completed the Solstice spinoff, Solstice agreed to acquire Element Solutions in a cash-and-stock transaction valued at approximately $14.5 billion, including the assumption of net debt. Element shareholders will receive $10 in cash and 0.500 shares of Solstice common stock for each… Read More »