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.
New name: Pentair's electrical activities in areas such as enclosures will form the basis for nVent
“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.”
