nVent Completes Acquisition of ECM Industries
18 Maio 2023 - 5:15PM
Business Wire
- Complements nVent’s electrical power connection and grounding
solutions portfolio
- Extends nVent’s cable management offering with complementary
products and adds tools and test instruments
nVent Electric plc (NYSE: NVT) (“nVent”), a global leader in
electrical connection and protection solutions, today announced
that it has completed the previously announced acquisition of ECM
Investors, LLC, the parent company of ECM Industries, LLC (“ECM”),
for a purchase price of $1.1 billion, subject to customary
adjustments. ECM is a leading provider of high-value electrical
connectors, tools and test instruments and cable management.
Beth Wozniak, nVent Chair and CEO, said, “I am excited to
welcome the ECM team to nVent. ECM’s complementary electrical power
connection and grounding solutions portfolio further positions
nVent with the electrification of everything. The addition of ECM
is exciting, and we are confident it will deliver significant value
for our customers, employees and shareholders.”
ECM is a North American provider of electrical connectivity
products with industry-leading brands, including ILSCO, Gardner
Bender and King Innovation. With headquarters in New Berlin,
Wisconsin, ECM has approximately 1,400 employees.
About nVent
nVent is a leading global provider of electrical connection and
protection solutions. We believe our inventive electrical solutions
enable safer systems and ensure a more secure world. We design,
manufacture, market, install and service high performance products
and solutions that connect and protect some of the world's most
sensitive equipment, buildings and critical processes. We offer a
comprehensive range of enclosures, electrical connections and
fastening and thermal management solutions across industry-leading
brands that are recognized globally for quality, reliability and
innovation. Our principal office is in London and our management
office in the United States is in Minneapolis. Our robust portfolio
of leading electrical product brands dates back more than 100 years
and includes nVent CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and
TRACER. Learn more at www.nvent.com.
nVent, CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER are
trademarks owned or licensed by nVent Services GmbH or its
affiliates.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that we believe to be
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical fact are forward looking statements.
Without limitation, any statements preceded or followed by or that
include the words “targets,” “plans,” “believes,” “expects,”
“intends,” “will,” “likely,” “may,” “anticipates,” “estimates,”
“projects,” “forecasts,” “should,” “would,” “could,” “positioned,”
“strategy,” “future,” “are confident,” or words, phrases or terms
of similar substance or the negative thereof, are forward-looking
statements. All statements made about the ECM Industries
acquisition, including the anticipated benefits of the acquisition,
are forward-looking statements. These forward-looking statements
are not guarantees of future performance and are subject to risks,
uncertainties, assumptions and other factors, some of which are
beyond our control, which could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements. These factors include our ability to integrate the ECM
Industries acquisition successfully; our ability to retain
customers and employees of ECM Industries; adverse effects on our
business operations or financial results, including due to the
overall global economic and business conditions impacting our
business; the ability to achieve the benefits of our restructuring
plans; the ability to successfully identify, finance, complete and
integrate acquisitions; competition and pricing pressures in the
markets we serve, including the impacts of tariffs; volatility in
currency exchange rates, interest rates and commodity prices;
inability to generate savings from excellence in operations
initiatives consisting of lean enterprise, supply management and
cash flow practices; inability to mitigate material and other cost
inflation; risks related to the availability of, and cost inflation
in, supply chain inputs, including labor, raw materials,
commodities, packaging and transportation; increased risks
associated with operating foreign businesses, including risks
associated with the conflict between Russia and Ukraine and related
sanctions; the ability to deliver backlog and win future project
work; failure of markets to accept new product introductions and
enhancements; the impact of changes in laws and regulations,
including those that limit U.S. tax benefits; the impact of the
novel coronavirus 2019 (“COVID-19”) pandemic; the outcome of
litigation and governmental proceedings; and the ability to achieve
our long-term strategic operating goals. Additional information
concerning these and other factors is contained in our filings with
the Securities and Exchange Commission, including our Annual Report
on Form 10-K and our Quarterly Reports on Form 10-Q. All
forward-looking statements speak only as of the date of this press
release. nVent assumes no obligation, and disclaims any obligation,
to update the information contained in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230518005683/en/
Investor Contact Tony Riter Vice President, Investor
Relations nVent 763.204.7750 Tony.Riter@nVent.com
Media Contact Stacey Wempen Director, External
Communications nVent 763.204.7857 Stacey.Wempen@nVent.com
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