Pentair plc has unveiled the name of its future electrical company as nVent Electric plc and announced key leadership.
The company’s separation into two independent, publicly traded companies remains on track to be completed in the second quarter of 2018.
Beth A. Wozniak, who will become CEO 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 utilisation, lowering costs and maximizing customer uptime.”
Joining Wozniak on the leadership team will be Stacy McMahan as Chief Financial Officer (CFO). 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,” explained 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 Pentairs website.
nVent will employ approximately 9,000 people globally, with its main United States offices in Minneapolis, Minnesota. nVent will have industry-leading positions in industrial, commercial, residential, energy and infrastructure.