nVent Electric PLC announced its first quarterly dividend and share repurchase plan Monday, three months after the $2.1 billion electrical enclosures and thermal systems manufacturer split from Pentair to form its own company. 

nVent, which has its U.S. headquarters in St. Louis Park, will issue a dividend worth 17.5 cents per share on Aug. 17 to shareholders of record as of Aug. 3.

nVent's board also approved a three-year share-repurchase authorization for $500 million.

In a statement, nVent CEO Beth Wozniak praised the dividend and share repurchase plans as positive steps for shareholders. 

“We believe this dividend is very competitive amongst our peers and is an important step toward our goal of delivering top-tier returns to our shareholders,” she said.

In addition, “The initiation of [nVent's] share repurchase program is an important part of our capital allocation strategy and provides another avenue for us to deliver value to our shareholders,” Wozniak said.

nVent will report its first quarterly earnings as an independent company on Thursday, July 26. nVent has its global headquarters in London and its U.S. headquarters in St. Louis Park, Minnesota.

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