nVent Completes Acquisition of ECM Industries
- 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
LONDON–(BUSINESS WIRE)–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.
Contacts
Investor Contact
Tony Riter
Vice President, Investor Relations
nVent
763.204.7750
Media Contact
Stacey Wempen
Director, External Communications
nVent
763.204.7857
