nVent Announces Additional Share Repurchase Authorization; $800 Million Total Share Repurchase Authority Outstanding
LONDON--(BUSINESS WIRE)--Feb 19, 2019--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.
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.
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KEYWORD: UNITED KINGDOM UNITED STATES EUROPE NORTH AMERICA MINNESOTA
INDUSTRY KEYWORD: BUILDING SYSTEMS ENERGY OTHER ENERGY TECHNOLOGY DATA MANAGEMENT ELECTRONIC DESIGN AUTOMATION SOFTWARE SEMICONDUCTOR MANUFACTURING CHEMICALS/PLASTICS ENGINEERING OTHER MANUFACTURING CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: nVent Electric plc
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PUB: 02/19/2019 06:49 AM/DISC: 02/19/2019 06:49 AM