nVent Announces Agreement to Sell Thermal Management Business
- Transaction creates a more focused nVent portfolio, a global leader in electrical connection and protection solutions
-
All-cash transaction valued at
$1.7 billion , subject to customary closing adjustments -
nVent will discuss the transaction during its second quarter earnings conference call on
Tuesday, August 6 at9:00 a.m. EDT
With 2023 sales of
“Thermal Management is a leader in electric heat management solutions with a strong, experienced team that is focused on delivering innovative solutions to customers,” said nVent Chair and CEO
nVent expects net after-tax proceeds from the transaction to be approximately
The transaction is expected to close by early 2025, subject to customary conditions, including regulatory approvals.
The transaction will be discussed during nVent’s second quarter earnings conference call on
About nVent
nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We design, manufacture, market, install and service high performance products and solutions that connect and protect some of the world's most sensitive equipment, buildings and critical processes. We offer a comprehensive range of enclosures, electrical connections and fastening and thermal management solutions across industry-leading brands that are recognized globally for quality, reliability and innovation. Our principal office is in
nVent CADDY, ERICO,
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “forecasts,” “should,” “would,” “could,” “positioned,” “strategy,” “future,” “are confident,” or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. All statements about the Thermal Management transaction, including the anticipated benefits of the sale and the anticipated time for completing the sale, are also forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Among these factors are adverse effects on our business operations or financial results, including due to the ability to complete the pending sale of the Thermal Management business on anticipated terms and timetable and the expected net proceeds from such sale and use thereof; the overall global economic and business conditions impacting our business; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions, including
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Investor Contact
Vice President, Investor Relations
nVent
763.204.7750
Tony.Riter@nVent.com
Media Contact
Director,
nVent
763.204.7857
Stacey.Wempen@nVent.com
Source: nVent