Emerson Network Power officially completed a spin-out from its parent firm and adopted the name Vertiv. The business was acquired from Emerson by Platinum Equity in a deal valued in excess of $4 billion. Emerson retained a minority interest in Vertiv.
Vertiv is a global provider of mission-critical infrastructure technologies for vital applications in data centers, communication networks, and commercial and industrial environments. The company, which is headquartered in Columbus, Ohio (USA), has more than 20,000 employees and more than 25 manufacturing and assembly facilities worldwide.
Vertiv also announced the appointment of Rob Johnson as its new CEO. Johnson, most recently an operating partner at Kleiner Perkins Caufield & Byers, spent 10 years at American Power Conversion (APC), a leader in data center infrastructure. He was President and CEO of APC when the company was sold to Schneider Electric for $6.1 billion in 2007. While at APC he also served as General Manager of the company’s Availability Enhancement Group.
“It’s a fresh start for a business that already has so much going for it. I look forward to working with my new colleagues at Vertiv as we begin this transformational chapter in the company’s history,” said Mr. Johnson. “As an independent company, Vertiv will operate with great freedom to make business strategy and investment decisions, move more quickly like a startup, and focus on innovative solutions for our customers, including those in the growing cloud computing, mobile and IoT networks.”
- In November 2013, Platinum Equity acquired a controlling stake in Emerson’s embedded computing and power business, which was later rebranded Artesyn Embedded Technologies.
