nVent Acquires TEXA Industries

Rhea-AI Summary

nVent Electric plc has acquired TEXA Industries, a leading European provider of industrial cooling applications. This acquisition strengthens nVent's position as a global systems provider and enhances its portfolio in high-growth verticals like industrial automation and energy storage.

Positive

• The acquisition of TEXA Industries expands nVent's industrial air conditioner and chiller offerings, providing global cooling solutions in demanding environments.
• nVent's position in the electrification of everything is strengthened with the addition of TEXA Industries.

Negative

• None.

• Complements nVent’s portfolio to protect critical electrical systems with expanded industrial air conditioners and chillers
• Enhances nVent’s position with the electrification of everything in high-growth verticals, such as industrial automation and energy storage
• Strengthens nVent’s global growth opportunity

LONDON--(BUSINESS WIRE)-- nVent Electric plc (NYSE: NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced it has acquired TEXA Industries, which will operate within its Enclosures business segment.

The acquisition of TEXA Industries and its highly complementary portfolio strengthens nVent’s position as a global systems provider. TEXA Industries provides advanced cooling technologies with innovative industrial air conditioners and chillers to help customers better solve for increasing heat loads when designing systems.

“We are excited about the addition of TEXA Industries. Combined with our expertise in liquid cooling, this acquisition strengthens nVent’s position and accelerates our ability to provide global cooling solutions in demanding environments, such as industrial automation and energy storage,” said Alexander van der Weide, nVent HOFFMAN General Manager and Vice President.

Based in Italy, TEXA Industries is a leading European provider of industrial cooling applications, including air conditioners and chillers, with approximately 90 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,” “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 anticipated acquisition, the expected financial results of the acquired business and 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 acquisition successfully; our ability to retain customers and employees of the acquired business; 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230710537074/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

Source: nVent Electric plc

FAQ

What does nVent Electric plc do?

nVent Electric plc is a global leader in electrical connection and protection solutions.

What did nVent Electric plc acquire?

nVent Electric plc acquired TEXA Industries, a leading European provider of industrial cooling applications.

What are the benefits of the acquisition for nVent?

The acquisition strengthens nVent's position as a global systems provider and enhances its portfolio in high-growth verticals like industrial automation and energy storage.