Another public company is operating out of the Twin Cities now that Pentair PLC officially split into two publicly held entities after the stock market closed Monday.
Shares of nVent Electric PLC begin trading Tuesday morning under the symbol NVT on the New York Stock Exchange.
"With the completion of this spin, nVent has achieved a major milestone in becoming a more focused, global leader in providing electrical connection and protection solutions to customers around the world," said nVent CEO Beth Wozniak, who ran the electrical division under Pentair. "I am proud to be part of the nVent team and am confident in the strategy and portfolio we have in place to deliver long-term shareholder value."
Every Pentair shareholder received one share of nVent Electric for every share they owned in Pentair as of 4:59 p.m. on Monday. Like Pentair, nVent's global headquarters are in London, while it is run out of its U.S. headquarters in St. Louis Park.
The split, announced by Pentair's board one year ago, is seen as a way to get Pentair's remaining water technology company and the new nVent Electric to grow faster. Randy Hogan, Pentair's former CEO and nVent's new chairman, said the two operations have little overlapping business and so a split made sense.
Pentair will continue to focus on pumps, filtration, desalination and other services for industrial and residential customers alike. While nVent will focus on electrical enclosures, thermal management systems and fasteners for the construction trades.
The journey starts for nVent with $2.1 billion in sales, 9,000 global employees and various products that help customers maximize efficiency, improve factory utilization, lower installation costs and reduce downtime, Wozniak said.
Products from nVent include electrical, machine and utility box enclosures as well as electric heat tracing systems for oil pipelines, factory pipes and wire cables; heated flooring and heat management systems for factories and data centers; plus electrical and fastening solutions that connect and protect businesses. Brand names include nVent, Caddy, Erico, Hoffman, Raychem, Schroff and Tracer.