Pentair board approves separation of nVent

Pentair plc’s board of directors has approved the previously announced spin-off of its Electrical business.

The transaction will result in two independent, publicly traded companies: Pentair plc and nVent Electric plc.

nVent ordinary shares are expected to begin trading on the NYSE on 1 May 2018.

“We expect both Pentair and nVent to benefit from well-recognized brands, attractive margin profiles, strong free cash flow generation and compelling opportunities for long-term, sustainable growth,” said Randall Hogan, the current chairman and CEO of Pentair, who will leave Pentair to become nVent’s chairman following the spin-off.