Vertiv

Last updated

Vertiv Holdings Co.
Formerly
  • Capitol Refrigeration Industries
    (1946–1965)
  • Liebert Corporation
    (1965–2000)
  • Emerson Network Power
    (2000–2016)
  • Vertiv
    (2016–present)
Company type Public
Industry Electrical equipment
Founded2016;8 years ago (2016)
Headquarters Westerville, Ohio, U.S.
Area served
Worldwide
Key people
ProductsCritical power systems, uninterruptible power supply (UPS) systems, power distribution units (PDUs), thermal management, data center infrastructure management, service and site operations
RevenueIncrease2.svg US$6.9 billion (2023)
Increase2.svg US$872 million (2023)
Increase2.svg US$460 million (2023)
Total assets Increase2.svg US$8.0 billion (2023)
Total equity Increase2.svg US$2.0 billion (2023)
Number of employees
c. 27,000
Website vertiv.com
Footnotes /references
[1] [2]

Vertiv is an American multinational provider of critical infrastructure and services for data centers, communication networks, and commercial and industrial environments.

Contents

Headquartered in Westerville, Ohio, Vertiv has ~27,000 employees worldwide, [3] doing business in more than 130 countries, and operating 23 manufacturing and assembly facilities. [4] The company has regional headquarters in: Bologna, Italy; Miami, Florida; Pasig, Manila, Philippines; Nanshan District, Shenzhen, China; and Mumbai, India. [5]

History

1946–1965: Capitol Refrigeration Industries

Vertiv began as Capitol Refrigeration Industries, established in 1946 by Ralph Liebert (1918–1984) in Columbus, Ohio. Liebert developed the first prototype precision air conditioner in his garage. In early 1965, the prototype was introduced to IBM in Chicago. Recognising the machine's potential, IBM arranged for Liebert to debut his invention at the World Computer Conference in Philadelphia. [6] [7]

1965–2000: Liebert Corporation

Liebert Corporation was formed in 1965 with just five associates to pursue this fast growing market as the industry's first manufacturer of computer room air conditioning (CRAC) systems. Two years later, in 1967, Liebert made its first international move by setting up a Canadian distributor network. In 1968, the company moved into a new facility in Worthington, Ohio. As its business continued to grow, the company broke ground once again and moved into a 150,000 square foot facility in Columbus, Ohio. In 1977, Liebert launched Conditioned Power Corporation to design and manufacture power distribution, conditioning and monitoring systems for the data processing industry. [8]

Expansion continued as Liebert broke ground for a second major manufacturing facility in Delaware, Ohio, in 1980. Ralph Liebert's son, Larry Liebert, took over the company as president in 1980 and served in this position until 1989. In 1981, Liebert became a public company, listed on the NASDAQ under the symbol LIEB. In 1983, Liebert acquired Franklin Electric subsidiary, Programmed Power Corporation, expanding the company's power division capabilities to include the design and manufacture of uninterruptible power supplies (UPS). [8] That same year, Liebert opened its first overseas production facility in Cork, Ireland. [6] Liebert Corporation was acquired by Emerson Electric in March 1987, [9] remaining a wholly owned subsidiary of Emerson.

2000–2016: Emerson Network Power

In 2000, Emerson formed its Network Power (ENP) business unit, consolidating critical infrastructure technologies under a single brand. The following decade saw an expansion of ENP with various acquisitions. In 2001, the company increased is presence in Asia with the purchase of Avansys and formation of ENP India. ENP expanded its telecom industry solutions with the 2004 acquisition of Marconi outside plant and power system. In 2006, ENP acquired Germany-based Knürr, a leading provider of enclosure systems. In 2007, the Energy Logic energy efficiency model was developed and initially released. [10] Avocent and Chloride were acquired in 2009 and 2010 respectively. [11]

2016–present: Vertiv

In December 2016, Platinum Equity acquired the ENP business from Emerson Electric in a transaction valued in excess of $4 billion, completed in December 2016. The company was rebranded as Vertiv. Emerson also retained a subordinated equity piece in the company. [12] Vertiv launched as a stand-alone business and announced the appointment of Rob Johnson as chief executive officer. [13] [14] In 2017, Vertiv sold its ASCO power switch business to Schneider Electric for $1.25 billion. [15] The company made three acquisitions in 2018; Energy Labs, Geist and MEMS. Through a merger with a Goldman Sachs-led special purpose acquisition company, GS Acquisition Holdings, the company became publicly traded on the New York Stock Exchange (NYSE: VRT) on February 10, 2020. [16] [17] In 2021, Vertiv acquired E+I Engineering, a global provider of switchgear, busway and modular power solutions, for $1.8 billion. [18] In December 2023, Vertiv acquired CoolTera Ltd, a provider of coolant distribution infrastructure for data center liquid cooling technology, strengthening its thermal management portfolio for high density compute cooling requirements. [19]

In 2023, Vertiv's share price increased 252%, outperforming all companies in the S&P 500 index. [20] The company's market capitalization was valued at over $35 billion as of April 2024. [21]

Acquisitions

Vertiv
DateCompany acquiredCountryBusinessReference
December 2023CoolTera Ltd Flag of the United Kingdom.svg UKLiquid Cooling Infrastructure Solutions [22]
November 2021E+I Engineering Flag of Ireland.svg IrelandElectrical Switchgear & Power Distribution Systems [23]
December 2018MEMS Power Generation Flag of the United Kingdom.svg UKTemporary Power Solutions [24]
February 2018Geist Flag of the United States.svg USARack Power Distribution Units (PDUs) [25]
January 2018Energy Labs Flag of the United States.svg USAAir Handling Systems [26]
Emerson Network Power
DateCompany acquiredCountryBusinessReference
2013Advanced Protection Technology Flag of the United States.svg USASurge Protection [27]
2012Avtron Loadbank Flag of the United States.svg USALoad Banks & Testing Systems [28]
2010 Chloride Group Flag of the United Kingdom.svg UKIndustrial Power [29]
2009 Avocent Flag of the United States.svg USAIT Management [30]
2008Aperture Flag of the United States.svg USAData Center Infrastructure Management [31]
2007Stratos Flag of the United States.svg USARadio Frequency & Optical Subsystems [32]
2007Motorola Embedded Computing Flag of the United States.svg USAEnclosure Systems [33]
2006Knürr AG Flag of Germany.svg GermanyEnclosure Systems [34]
2006Artesyn Flag of the United States.svg USAEmbedded Power Conversion Technologies [35]
2005Cooligy Flag of the United States.svg USAMicroprocessor Active Cooling Technology [36]
2005Chloride Telecom Systems Flag of France.svg FranceTelecom Power Systems [37]
2004Midwest Microwave Flag of the United States.svg USAMicrowave Connectors & Components [38]
2004Marconi Flag of the United States.svg USAOutside Plant & Power Systems [39]
2004Albér Flag of the United States.svg USABattery Monitoring [40]
2001Avansys Flag of the People's Republic of China.svg ChinaPower Conversion [41]
2000Jordan Flag of the United States.svg USATelecommunications Equipment [42]
2000Ericsson Energy Systems Flag of Sweden.svg SwedenTelecom Power Supplies & Systems [43]
Liebert Corporation
DateCompany acquiredCountryBusinessReference
1998Nortel APS Flag of Canada (Pantone).svg CanadaPower Supply Systems [40]
1998Hiross Flag of Italy.svg ItalyPrecision Environmental Control & Monitoring [40]
1998Firetrol Flag of the United States.svg USAElectric & Diesel Fire Pump Controllers [44]
1997Edco Flag of the United States.svg USALow-Voltage Surge Protection Devices [45]
1996HVM Flag of the United States.svg USAHigh Voltage Maintenance Services [44]
1995eti/ERS Flag of the United States.svg USAElectrical Engineering & Testing [46]
1990Control Concepts Flag of the United States.svg USATransient Voltage Surge Suppression (TVSS) [47]
1988ASTEC Power Flag of the United States.svg USAAC-DC & DC-DC Power Supplies [44]
1983Programmed Power Corporation Flag of the United States.svg USAUninterruptible Power Supply (UPS) [8]

Current work

Vertiv's primary customers are businesses across three main end markets: data centers, communication networks and commercial & industrial environments. Vertiv's major customers include Alibaba, America Movil, AT&T, China Mobile, Equinix, Ericsson, Siemens, Telefonica, Tencent, Verizon and Vodafone. [48] Its principal offerings include:

Manufacturing facilities

Vertiv has global manufacturing footprint, with facilities located in Delaware, Ironton, Lincoln, Anderson, Tijuana, Mexicali, Monterrey, Reynosa, Letterkenny, Burnfoot, Campsie, Bologna, Tognana, Volyne, Rugvica, Nove Mesto, Ras Al Khaimah, Ambernath, Chakan, Pune, Mianyang and Jiangmen. [50]

Research and development

Vertiv invests approximately 5% of sales into research and development. [51] In 2022, Vertiv spent $282 million on research and development. [52] Vertiv has approximately 2,700 registered patents and 1,500 registered trademarks. [53]

Partnerships

In April 2021, Vertiv was announced as Founding Partner and Official Data Center Equipment Provider of Columbus Crew. [54]

In May 2023, Vertiv was selected by Nvidia after securing a $5m grant from ARPA-E's COOLERCHIPS program. Their joint objective over the next three years is to address the challenge of cooling high-density compute by integrating direct liquid cooling and immersion cooling into a single system. Vertiv was selected for its expertise in heat rejection technology. [55]

In December 2023, Vertiv announced its collaboration with Intel to provide pumped two-phase (P2P) liquid cooling infrastructure for the Gaudi3 AI accelerator. [56]

In March 2024, Vertiv joined the Nvidia Partner Network (NPN) as a Solution Advisor: Consultant partner. [57]

Competitors

Vertiv's competitors include Schneider Electric, Eaton, Legrand and Huawei. [53]

Brands

Vertiv's brands include: [4]

Corporate affairs

Leadership

Senior management

Giordano Albertazzi became Vertiv's Chief Executive Officer on January 1, 2023, [58] [59] following the departure of former CEO Rob Johnson. On July 1, 2023, Anand Sanghi was appointed President of the Americas region. [60] [61]

As of April 30, 2024, the management of Vertiv includes: [62]

  • Yibin "Edward" Cui (President, Greater China)
  • Rachel Thompson (Vice President, Corporate Strategy & Planning)
  • Philip O’Doherty (Managing Director, E+I Engineering)

Board of directors

As of April 30, 2024, the board of directors of Vertiv includes: [63]

  • David M. Cote (Executive Chairman)
  • Giordano Albertazzi (CEO)
  • Joseph DeAngelo
  • Joseph van Dokkum
  • Roger Fradin
  • Jakki Haussler
  • Jacob Kotzubei
  • Matthew Louie
  • Edward Monser
  • Steven Reinemund
  • Robin Washington

Previous CEOs

  1. Rob Johnson (2016–2022)

Ownership

As of December 30, 2023, the largest shareholders of Vertiv were: [64]

Finances

Vertiv's financial performance is reported to shareholders on an annual basis and a matter of public record.

YearRevenue

in mil. US$

Growth rateNet income

in mil. US$

Total assets

in mil. US$

Price per share

in US$

Employees
2018 [65] 4,286(314)4,794
2019 [65] 4,4313.38%(141)4,65719,800
2020 [66] 4,371(1.35)%(327)5,07114.1820,972
2021 [67] 4,99814.34%1206,94023.9224,000
2022 [68] 5,69213.89%777,09613.3827,000
2023 [69] 6,86320.57%4607,99926.92

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