nVent Announces Completion of Separation from Pentair
LONDON – nVent Electric plc announced the completion of its separation from Pentair plc and its launch as an independent, publicly traded company. nVent shares began “regular way” trading on the New York Stock Exchange on May 1, 2018, under the symbol “NVT.”
The company has a 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. Its electrical solutions help maximize customer efficiency, improve utilization, lower installation costs as well as the total cost of ownership and minimize downtime.
“With the completion of this spin, nVent has achieved a major milestone in becoming a more focused, global leader in providing electrical connection and protection solutions to customers around the world,” said Beth Wozniak, nVent’s chief executive officer. “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 nVent team and am confident in the strategy and portfolio we have in place to deliver long-term shareholder value.”
The distribution of nVent ordinary shares occurred effective at 4:59 p.m. EDT on April 30, 2018. In the distribution, nVent issued one nVent ordinary share for each Pentair ordinary share held as of the close of business on April 17, 2018, the record date for the distribution.
Publication date: 5/3/2018