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Pentair spins off electrical activities into a new company
Pentair plc is spinning off its electrical activities – including the Schroff, Hoffman, Caddy, Erico, Raychem and Tracer brands – into a new company to be called nVent Electric. Its water activities will retain the Pentair name. The separation into two independent, publicly-traded companies is due to be completed in the second quarter of 2018.
nVent will employ about 9,000 people globally, and will have industry-leading positions in the industrial, commercial, residential, energy and infrastructure markets. Revenues from these activities totalled $2.1bn during 2016.
When the separation occurs, Randall Hogan will retire as Pentair's chairman and CEO to become chairman of nVent, with Beth Wozniak becoming CEO. Stacy McMahan, previously chief financial officer at the medical device manufacturer, Spectranetics, will be nVent’s CFO.
“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,” she says. “As a high-performance electrical company, nVent is focused on improving utilisation, lowering costs and maximising customer uptime.”
