This week’s additions and highlights
1. SPIN-OFFS
- Keurig Dr Pepper (KDP US). Keurig Dr Pepper finally picked a CEO for its upcoming coffee spinoff (Russ Torres from Kimberly‑Clark). He’s joining on Nov. 3 to run Keurig’s coffee unit and then lead the new coffee company once the split happens in early 2027. Interesting news as Keurig has been cycling through a few CEO choices for the spinoff, so this appointment is a clear step toward actually completing the Peet’s/Keurig carve‑out.
- KBR (KBR US). KBR officially filed to spin off its Mission Technology division, Trinzic, planned for Jan. 2027. As previously mentioned, KBR is trying to reshape itself from a low‑margin engineering contractor into a higher‑quality services and technology business with two relatively strong divisions. Mission Tech has been experiencing good demand momentum and should continue to benefit given a healthy environment for defense and space support services (a.o., military logistics, training, cybersecurity). Splits with big differences between spinco and remainco are always worth watching, particularly if the group is valued at ~9x earnings.
- SKF (SKFB SS). SKF shareholders approved the upcoming spin of SKF Vertevo, the company’s automotive bearings business. Interesting to keep an eye on as the unit is big (about SEK 26bn revenue, ~28% of the group’s) but it’s declining, with only SEK 1.6bn EBITDA, so a far lower margin than the overall group. Are we going to see a big dump? SKF will not keep a stake, and trading is expected for Dec. 1, 2026, on Nasdaq Stockholm. There’s a CMD planned for Nov. 17.
2. STRATEGIC ALTERNATIVES & REVIEWS
(Potential take-outs, asset sales, M&A, etc.)…