Vertiv

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

Vertiv Holdings Co.

Formerly	Capitol Refrigeration Industries (1946–1965) Liebert Corporation (1965–2000) Emerson Network Power (2000–2016) Vertiv (2016–present)
Company type	Public
Traded as	NYSE: VRT (Class A) Russell 1000 component
Industry	Electrical equipment
Founded	2016; 8 years ago (2016)
Headquarters	Westerville, Ohio, U.S.
Area served	Worldwide
Key people	David M. Cote (chairman) Giordano Albertazzi (CEO)
Products	Critical power systems, uninterruptible power supply (UPS) systems, power distribution units (PDUs), thermal management, data center infrastructure management, service and site operations
Revenue	US$6.9 billion (2023)
Operating income	US$872 million (2023)
Net income	US$460 million (2023)
Total assets	US$8.0 billion (2023)
Total equity	US$2.0 billion (2023)
Number of employees	c. 27,000
Website	vertiv.com
Footnotes / references ^[1] ^[2]

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

Main article: 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 $36 billion as of May 2024.^[21]

Acquisitions

Vertiv

Date	Company acquired	Country	Business	Reference
December 2023	CoolTera Ltd	UK	Liquid Cooling Infrastructure Solutions	^[22]
November 2021	E+I Engineering	Ireland	Electrical Switchgear & Power Distribution Systems	^[23]
December 2018	MEMS Power Generation	UK	Temporary Power Solutions	^[24]
February 2018	Geist	USA	Rack Power Distribution Units (PDUs)	^[25]
January 2018	Energy Labs	USA	Air Handling Systems	^[26]

Emerson Network Power

Date	Company acquired	Country	Business	Reference
2013	Advanced Protection Technology	USA	Surge Protection	^[27]
2012	Avtron Loadbank	USA	Load Banks & Testing Systems	^[28]
2010	Chloride Group	UK	Industrial Power	^[29]
2009	Avocent	USA	IT Management	^[30]
2008	Aperture	USA	Data Center Infrastructure Management	^[31]
2007	Stratos	USA	Radio Frequency & Optical Subsystems	^[32]
2007	Motorola Embedded Computing	USA	Enclosure Systems	^[33]
2006	Knürr AG	Germany	Enclosure Systems	^[34]
2006	Artesyn	USA	Embedded Power Conversion Technologies	^[35]
2005	Cooligy	USA	Microprocessor Active Cooling Technology	^[36]
2005	Chloride Telecom Systems	France	Telecom Power Systems	^[37]
2004	Midwest Microwave	USA	Microwave Connectors & Components	^[38]
2004	Marconi	USA	Outside Plant & Power Systems	^[39]
2004	Albér	USA	Battery Monitoring	^[40]
2001	Avansys	China	Power Conversion	^[41]
2000	Jordan	USA	Telecommunications Equipment	^[42]
2000	Ericsson Energy Systems	Sweden	Telecom Power Supplies & Systems	^[43]

Liebert Corporation

Date	Company acquired	Country	Business	Reference
1998	Nortel APS	Canada	Power Supply Systems	^[40]
1998	Hiross	Italy	Precision Environmental Control & Monitoring	^[40]
1998	Firetrol	USA	Electric & Diesel Fire Pump Controllers	^[44]
1997	Edco	USA	Low-Voltage Surge Protection Devices	^[45]
1996	HVM	USA	High Voltage Maintenance Services	^[44]
1995	eti/ERS	USA	Electrical Engineering & Testing	^[46]
1990	Control Concepts	USA	Transient Voltage Surge Suppression (TVSS)	^[47]
1988	ASTEC Power	USA	AC-DC & DC-DC Power Supplies	^[44]
1983	Programmed Power Corporation	USA	Uninterruptible 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:

• Critical infrastructure & solutions: AC and DC power management, thermal management, and integrated modular solutions.
• Integrated rack solutions: racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, hardware and software for managing IT equipment.
• Services & spares: preventative maintenance, acceptance testing, engineering and consulting, performance assessments, remote monitoring, training, spare parts, and critical digital infrastructure software.^[49] Vertiv has over 220 service centers and employs more than 3,500 service field engineers globally.^[48]

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 2023, Vertiv spent $303.5 million on research and development.^[52] Vertiv has approximately 2,800 registered patents and 1,700 registered trademarks.^[52]

Partnerships

In April 2021, Vertiv was announced as Founding Partner and Official Data Center Equipment Provider of Columbus Crew.^[53]

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.^[54]

In December 2023, Vertiv announced its collaboration with Intel to provide pumped two-phase (P2P) liquid cooling infrastructure for the Gaudi3 AI accelerator.^[55]

In March 2024, Vertiv joined the Nvidia Partner Network (NPN) as a Solution Advisor: Consultant partner.^[56]

Competitors

Vertiv's competitors include Schneider Electric, Eaton, Legrand and Huawei.^[57]

Brands

Vertiv's brands include:^[4]

• Albér (Battery Monitoring)
• Avocent (IT Management)
• Cybex (IT Management)
• E+I Engineering Group (Electrical Switchgear, Modular Power, Energy Management)
• Energy Labs (Commercial and Industrial Thermal)
• Geist (Rack PDU)
• Liebert (AC Power and Thermal)
• Netsure (DC Power)
• PowerBar (Busbar Trunking)

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]

• Giordano Albertazzi (Chief Executive Officer)
• David Fallon (Chief Financial Officer)
• Stephen Liang (Chief Technology Officer & Executive Vice President)
• Anders Karlborg (Executive Vice President, Manufacturing, Logistics & Operational Excellence)
• Paul Ryan (Chief Procurement Officer)
• Rainer Stiller (Chief Marketing Officer)

• Cheryl Lim (Chief Human Resources Officer)
• Stephanie Gill (Chief Legal Counsel)
• Sheryl Haislet (Chief Information Officer)
• Anand Sanghi (President, Americas)
• Karsten Winther (President, Europe, Middle East & Africa)

• 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]

• Fidelity Investments (49,082,204 shares, 12.87%)
• The Vanguard Group (31,855,473 shares, 8.35%)
• Barrow, Hanley Mewhinney & Strauss, LLC (22,871,779 shares, 6.00%)
• BlackRock (22,857,511 shares, 5.99%)
• Coatue Management (13,811,848 shares, 3.62%)
• Invesco (10,259,769 shares, 2.69%)
• Platinum Equity (7,955,215 shares, 2.09%)
• State Street Corporation (7,081,283 shares, 1.86%)
• BAMCO, Inc. (6,750,000 shares, 1.77%)
• Geode Capital Management (5,282,800 shares, 1.39%)

Finances

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

Year	Revenue in mil. US$	Growth rate	Net income in mil. US$	Total assets in mil. US$	Price per share in US$	Employees
2018^[65]	4,286	—	(314)	4,794	—	—
2019^[65]	4,431	3.38%	(141)	4,657	—	19,800
2020^[66]	4,371	(1.35)%	(327)	5,071	14.18	20,972
2021^[67]	4,998	14.34%	120	6,940	23.92	24,000
2022^[68]	5,692	13.89%	77	7,096	13.38	27,000
2023^[69]	6,863	20.57%	460	7,999	26.92	—

References

1. "Vertiv Reports Strong Fourth Quarter Results and Provides Full Year 2024 Outlook". February 21, 2024. Retrieved February 22, 2024.
2. "Enabling the continuity of today's and tomorrow's vital applications" (PDF). www.vertiv.com. (PDF) from the original on May 7, 2023. Retrieved June 2, 2023.
3. "About Vertiv". Vertiv. Retrieved June 2, 2023.
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6. "Company will build air control equipment". The Ironton Tribune. March 28, 2000. Retrieved March 23, 2024.
7. "How did Columbus become an emerging data center market?". Columbus CEO. Retrieved March 23, 2024.
8. . December 1, 2007. Archived from the original on December 1, 2007. Retrieved October 22, 2022.
9. "Company News; Liebert Acquisition". The New York Times. December 24, 1986. Retrieved March 25, 2024.
10. “Emerson Network Power Introduces New Approach to Data Center Energy Optimization”, Press Release from Corporate Web Site [1] Archived 2013-04-09 at archive.today
11. “Emerson Network Power Fact Sheet” [2] November 11, 2011, at the Wayback Machine
12. "Emerson Wraps Up Sale of Network Power to Platinum Equity". Zacks.com.
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15. "Vertiv Sells ASCO® to Schneider Electric". GlobeNewswire (Press release). July 27, 2017. Retrieved March 25, 2024.
16. Ghose, Carrie (February 10, 2019). "Columbus' newest public company makes its stock market debut". Columbus Business First. Retrieved February 18, 2019.
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23. "Vertiv Completes Acquisition of E&I Engineering Ireland Limited and its Affiliate, Powerbar Gulf LLC". Business Wire. November 1, 2021. Retrieved November 5, 2021.
24. "Vertiv Completes Acquisition of MEMS Maintenance Business, Expands Service Capabilities in the U.K." Vertiv. Retrieved June 29, 2021.
25. "Vertiv Completes Acquisition of Geist, Expands Global Rack PDU Portfolio". Vertiv. Retrieved June 29, 2021.
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33. Gutierrez, Carl. "Motorola Gives A Piece of Itself to Emerson". Forbes. Retrieved March 24, 2024.
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53. "Vertiv Teams Up with Columbus Crew SC as Founding Partner and Supplier of Data Center Infrastructure for New Crew Stadium". Vertiv. Retrieved September 30, 2021.
54. Merritt, Rick (May 25, 2023). "Cool It: Team Tackles the Thermal Challenge Data Centers Face". Nvidia. Retrieved March 27, 2024.
55. "Vertiv Collaborates with Intel on Liquid Cooled Solution for the Intel® Gaudi®3 AI Accelerator Platform". Vertiv. Retrieved March 27, 2024.
56. "Vertiv Joins the NVIDIA Partner Network". Business Wire. March 18, 2024. Retrieved March 22, 2024.
57. "Vertiv Holdings Co SEC Form 10-K". U.S. Securities and Exchange Commission. February 27, 2023. Retrieved March 25, 2024.
58. "Vertiv Announces New CEO". Vertiv. January 3, 2023.
59. "Vertiv Announces CEO Succession". Business Wire. October 3, 2022. Retrieved October 3, 2022.
60. "Anand Sanghi". Vertiv. Retrieved July 16, 2023.
61. "Vertiv Names Anand Sanghi President of the Americas Region" (Press release). May 24, 2023. Retrieved July 16, 2023.
62. "Executives". Vertiv. Retrieved March 23, 2024.
63. "Board of Directors". investors.vertiv.com. Retrieved March 23, 2024.
64. "Vertiv Holdings Co (VRT) Stock Major Holders - Yahoo Finance". Yahoo! Finance. Retrieved March 23, 2024.
65. Q4 2019 News Release
66. 2020 Annual Report
67. 2021 Annual Report
68. 2022 Annual Report
69. Q4 2024 News Release

External links

• Official website
• Patents owned by Vertiv
• Business data for Vertiv:
  • Bloomberg
  • Google
  • Reuters
  • SEC filings
  • Yahoo!