Eaton is spinning off its $1.7 billion lighting business, a move that will create an independent, publicly traded company.

The power management company’s lighting business provides LED lighting and control solutions to customers in commercial, industrial, residential and municipal markets.

If approved, the tax-free spin-off is expected to be complete by the end of 2019.

  • Goldman Sachs is serving as Eaton’s financial adviser on the transaction.
  • Eaton employs 99,000 people worldwide and sells products to customers in more than 175 countries. Its 2018 sales totaled $21.6 billion.