Pentair plc today unveiled the name of its future electrical company as nVent Electric plc 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.
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.
Beth Wozniak, who will become CEO of nVent upon completion of the separation said in a press release, "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 Wozniak on the nVent leadership team will be Stacy McMahan as CFO. She previously served as CFO at The Spectranetics Corp., 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 Hogan will serve as chairman of nVent and retire as Pentair's Chairman and CEO upon the separation.
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.