Vertiv Sells ASCO® to Schneider Electric
Sale enables greater focus on core business
COLUMBUS, Ohio, July 27, 2017 (GLOBE NEWSWIRE) -- Vertiv, formerly Emerson Network Power, today announced plans to sell its ASCO® business as it continues to sharpen its focus on the digital critical infrastructure space. The $1.25 billion sale to Schneider Electric allows Vertiv to apply additional resources toward business and technological advancements in its core data center, telecommunications and commercial and industrial markets.
As Vertiv has repositioned itself after being sold to Platinum Equity in November 2016, it became clear that ASCO's strengths in the automatic transfer switch arena fell outside the new organization's more focused strategy, said Vertiv CEO Rob Johnson.
"This sale is a significant step forward in our evolution as the premier provider of digital critical infrastructure solutions," Johnson said. "This is consistent with our strategy of focusing on our customers and aligning the strengths of our organization - deep domain knowledge in IT and facilities applications, global scale and service coverage - to better meet their needs."
Platinum Equity Partner Jacob Kotzubei praised Vertiv's progress.
"Thanks to strong leadership and the commitment of Vertiv employees around the world, the company is performing exceptionally well, and the transformation of the business is right on track," said Mr. Kotzubei. "The sale of ASCO will further support those efforts and help Vertiv continue focusing on its core business. Given the amount of cash proceeds expected to be generated from the sale, we will evaluate a number of capital structure alternatives that would be beneficial to all stakeholders."
The sale price of $1.25 billion reflects a multiple of 11.7x adjusted EBITDA for CY2016. The sale is subject to customary regulatory approvals and is expected to close by Q4 2017.
Vertiv designs, builds and services critical infrastructure that enables vital applications for data centers, communication networks and commercial and industrial facilities. Formerly Emerson Network Power, Vertiv supports today's growing mobile and cloud computing markets with a portfolio of power, thermal and infrastructure management solutions including the ASCO®, Chloride®, Liebert®, NetSure(TM) and Trellis (TM) brands. Sales in fiscal 2016 were $4.4 billion. For more information, visit VertivCo.com .
T +614 383 1605
Information om Globenewswire
Følg pressemeddelelser fra Globenewswire
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Globenewswire
Magna International Inc.19.7.2018 21:36 | pressemeddelelse
Second Quarter 2018 Results Conference Call
Crown Bioscience Inc.19.7.2018 15:05 | pressemeddelelse
CrownBio Supports Excellence in Translational Research with Grant Award that Funds Innovative PDX Model Development in Immuno-Oncology
ForgeRock, Inc.19.7.2018 10:03 | pressemeddelelse
ForgeRock Opens Up Open Banking
David Crosby18.7.2018 18:06 | pressemeddelelse
David Crosby Announces Intent to License His Name to the Cannabis Industry
Seaborn Networks18.7.2018 17:02 | pressemeddelelse
Telecom Argentina's landing station and backhaul are selected for ARBR submarine cable system between Argentina & Brazil
Mitratech18.7.2018 15:04 | pressemeddelelse
Salim Ismail Announced as Keynote Speaker at Mitratech's Interact 2018 Conference
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum