UK-based nVent Electric, a global leader in electrical connection and protection solutions, has completed its separation from US-based Pentair and its launch as an independent, publicly traded company.

The company’s shares began “regular way” trading on the New York Stock Exchange on May 1, under the symbol “NVT”, said a statement from nVent.

The company has a leading portfolio of electrical enclosures, electric heat tracing solutions, complete heat management systems, and electrical and fastening solutions that connect and protect critical systems across the globe where the cost of failure is high, it said.

Its innovative electrical solutions help maximise customer efficiency, improve utilisation, lower installation costs as well as the total cost of ownership and minimize downtime, it added.
 
Beth Wozniak, chief executive officer, nVent, said: “With the completion of this spin, we have achieved a major milestone in becoming a more focused, global leader in providing electrical connection and protection solutions to customers around the world.”

“We are going to be a fast-paced, dynamic growth company, focused on our customers and moving with velocity. I am proud to be part of the company’s team and am confident in the strategy and portfolio we have in place to deliver long-term shareholder value,” he added.

The distribution of nVent ordinary shares occurred effective at 4:59 p.m. EDT on April 30. In the distribution, the company issued one nVent ordinary share for each Pentair ordinary share held as of the close of business on April 17, the record date for the distribution.  

The company’s customers include commercial builders, energy companies, data centres and industrial manufacturers. The company’s business – divided into three segments – centres on six well-established brands.

The enclosures segment is a leading global provider of electrical and electronics protection products and services. Marketed under the nVent Hoffman and nVent Schroff brands, nVent enclosures offer two-pronged protection: safeguarding electrical equipment from the operating environment and people from electrical hazards.

The nVent Hoffman brand includes steel, stainless steel and non-metallic enclosures, modular enclosure solutions, and industrial cooling systems. The nVent Schroff brand includes server cabinets, data centre cooling solutions, power supplies, sub-racks and cases.

The thermal management segment consists of global leading portfolios of heat tracing solutions and complete heat management systems. nVent Raychem solutions include heat tracing for pipes in industrial plants, buildings and infrastructure, heating system components, fire-rated wiring cables, floor-heating cables and mats, and thermostats and controls. nVent Tracer offerings include turnkey heat management services, including design, engineering project management and construction services.

The electrical and fastening solutions segment comprises components used to fix, fasten and protect cable and wire systems. The nVent Erico brand offers components for electrical protection, rail and transit connectivity, telecom installation, and utility and industrial facility electrical systems.

The nVent Caddy brand includes fixing, fastening and support products for electrical installation, seismic and fire protection, data communications and heating, ventilating and air conditioning systems, it stated. – TradeArabia News Service