Pentair Announces New Electrical Company nVent
Pentair unveiled the name of its future Electrical company as nVent Electric plc ("nVent") and announced additional key leadership.
The Company s separation into two independent, publicly-traded companies remains on track to be completed in the second quarter of 2018. As previously announced, the future Water company will retain the Pentair name.
Beth A. Wozniak, who will become Chief Executive Officer of nVent upon completion of the separation said, "The name nVent® reflects the legacy of innovation across our portfolio of brands that will serve as the foundation for the new company as we execute on our mission to connect and protect our customers with inventive electrical solutions, create safer systems and ensure a more secure world. As a high-performance electrical company, nVent is focused on improving utilization, lowering costs and maximizing customer uptime."
Joining Ms. Wozniak on the nVent leadership team will be Stacy McMahan as Chief Financial Officer. Ms. McMahan previously served as CFO at The Spectranetics Corporation, a medical device developer and manufacturer, and as CFO and Treasurer of MSA Safety Inc. She brings more than 25 years of finance leadership, and deep expertise in operations and business development at large, publicly held companies to nVent. As previously announced, Randall J. Hogan will serve as Chairman of nVent and retire as Pentair s Chairman and CEO upon the separation.
"nVent s leadership team will continue to operate with the same deep-seated ethical standards and performance methodologies to drive continuous improvement as we execute on our vision," said Ms. Wozniak. "Announcing the naming of nVent and Stacy as our CFO, as well as the planned filing of the Form 10, are important milestones toward our completion of Pentair s separation into two leading public companies. We are committed to creating and delivering value to our customers and shareholders of each company while providing new opportunities for growth and development for our talented employees."
nVent will file a Form 10 Information Statement with the U.S. Securities and Exchange Commission by the end of October which will provide detailed information on the business, strategy and historical financial results of nVent. Once filed, a copy of the form will be made available on the Investors page of www.pentair.com.
nVent will employ approximately 9,000 people globally, with its main U.S. offices in Minneapolis, Minnesota. nVent will have industry-leading positions in industrial, commercial, residential, energy and infrastructure. Brand names for nVent s offering include CADDY, ERICO, Hoffman, Raychem, Schroff and Tracer. nVent s revenues for the year ended December 31, 2016 were $2.1 billion.
Source: Pentair plc.