nVent Announces Additional Share Repurchase Authorization; $800 Million Total Share Repurchase Authority Outstanding

LONDON–(BUSINESS WIRE)–nVent Electric plc (NYSE: NVT) (“nVent”), a global leader in electrical
connection and protection solutions, today announced that its board of
directors had approved an additional share repurchase authorization of
up to $380 million of nVent shares. This new authorization is in
addition to nVent’s existing authorization approved in July 2018 to
repurchase up to $500 million of its shares. With approximately $80
million of share repurchases to date, nVent currently has the authority
to repurchase up to $800 million of its shares with both authorizations
expiring in July 2021.

“We continue to see attractive opportunities to deliver value to our
shareholders with this part of our capital allocation strategy. This
additional share repurchase authorization is an important expansion,
allowing us the flexibility to deploy capital optimally,” said nVent
Chief Executive Officer Beth Wozniak.

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, United Kingdom and our management office in the United
States is in Minneapolis, Minnesota. Our robust portfolio of leading
electrical product brands dates back more than 100 years and includes
nVent CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER.

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,” “positioned,” “strategy,” “future,” or words, phrases
or terms of similar substance or the negative thereof, are
forward-looking statements. All projections in this press release are
also 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 adverse effects on our business operations or financial
results as a result of the consummation of our separation from Pentair
(the “Separation”); the ability of our business to operate independently
following the Separation; 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; the
strength of housing and related markets; volatility in currency exchange
rates and commodity prices; inability to generate savings from
excellence in operations initiatives consisting of lean enterprise,
supply management and cash flow practices; increased risks associated
with operating foreign businesses; 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 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 nVent’s Registration
Statement on Form 10, as amended. 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.

Contacts

Investor Contact
J.C. Weigelt
Vice President, Investor
Relations
nVent
763.204.7750
JC.Weigelt@nVent.com

Media Contact
Jill Saletta
Vice President,
Communications
nVent
763.204.7771
Jill.Saletta@nVent.com

error: Content is protected !!