Here are 1-2 analogies to describe nVent Electric (NVT):

• They are like a specialized division of Eaton or Schneider Electric, focusing on the enclosures, connections, and thermal solutions that protect electrical infrastructure.
• They're the Legrand of electrical protection and connection, building the essential, behind-the-scenes infrastructure for data centers, industrial facilities, and more.

• Enclosures: Manufactures and sells protective cabinets and boxes for electrical, electronic, and data communication systems, safeguarding equipment from environmental hazards and physical damage.
• Electrical & Fastening Solutions: Provides a wide array of electrical components and fastening products, including grounding, bonding, connecting, and support solutions for critical infrastructure.
• Thermal Management Systems: Offers solutions for heating and cooling applications, specifically electric heat tracing systems for industrial processes and climate control for sensitive equipment within enclosures.

nVent Electric (NVT) primarily sells its products and solutions to other companies (B2B) rather than directly to individual consumers.

Due to the diversified nature of its customer base across various industries and geographic regions, nVent Electric does not typically disclose the names of specific major customer companies in its public filings, unless a single customer represents a material portion (e.g., >10%) of its revenue, which is uncommon for suppliers of electrical components and solutions.

Instead, nVent serves a broad range of companies through multiple channels. Its major customers can be categorized as follows:

• Electrical and Industrial Distributors: These companies purchase nVent's products in bulk and resell them to a vast network of contractors, Original Equipment Manufacturers (OEMs), and end-users. Distributors act as critical channel partners, providing widespread market access for nVent's offerings. While nVent does not specify individual major distributor partners by name, examples of large global and regional distributors that represent this type of customer include Wesco International (NYSE: WCC), Rexel (EPA: RXL), Sonepar (privately held), and Graybar (employee-owned).
• Original Equipment Manufacturers (OEMs) and System Integrators: These customers incorporate nVent's components, such as enclosures, thermal management systems, and electrical fastening solutions, directly into their own manufactured products, machinery, industrial control systems, or larger integrated solutions. They span various sectors including industrial automation, machinery manufacturing, and data center equipment.
• Contractors and End-Users in Commercial, Industrial, and Infrastructure Markets: This category includes companies such as electrical contractors, mechanical contractors, and large direct end-users in segments like data centers, industrial manufacturing facilities, commercial buildings, and infrastructure projects (e.g., transportation, utilities, water treatment). These companies specify, install, and utilize nVent's solutions for their own operations or for client projects.

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Beth Wozniak Chair and Chief Executive Officer

Beth Wozniak is the Chair and Chief Executive Officer of nVent. She led the company's spin-off from Pentair plc in 2018. Prior to nVent, she served as President of Pentair's Electrical business unit and previously as President of Pentair's Flow & Filtration Solutions business unit. Before joining Pentair in 2015, Wozniak had a 25-year career at Honeywell, where she held several executive leadership positions, including President of the Environmental and Combustion Controls business and President of the Sensing and Control business.

Gary Corona Executive Vice President and Chief Financial Officer

Gary Corona was named nVent's Executive Vice President and Chief Financial Officer in March 2025. Before joining nVent, he served as Senior Vice President, Corporate Finance of Medtronic plc, and was interim Chief Financial Officer from August 2024 to March 2025. Prior to Medtronic, Corona spent 26 years at General Mills, Inc., holding various finance roles, including Vice President, Corporate Finance from 2020 to 2023.

Sara Zawoyski President of Systems Protection

Sara Zawoyski was appointed President of Systems Protection in 2025. She previously served as nVent's Executive Vice President and Chief Financial Officer since 2019 and as interim President of Enclosures (now Systems Protection) since 2024. Before nVent, Zawoyski held several chief financial officer positions for global business units and was Vice President of Investor Relations at Pentair. She also held various finance leadership roles at PepsiAmericas and began her career at PricewaterhouseCoopers.

Aravind Padmanabhan Executive Vice President and Chief Technology Officer

Aravind Padmanabhan was named nVent's Executive Vice President and Chief Technology Officer in December 2019. Prior to nVent, Padmanabhan worked at Honeywell for two decades in technology leadership roles, including Vice President and Chief Technology Officer for Honeywell Connected Worker. He holds 55 U.S. patents. Padmanabhan earned a PhD in Engineering from Massachusetts Institute of Technology and a Bachelor of Technology in Mechanical Engineering from the Indian Institute of Technology.

Martha Bennett Executive Vice President and Chief Marketing Officer

Martha Bennett was appointed nVent's Executive Vice President and Chief Marketing Officer in 2024. Before joining nVent, Bennett held several marketing roles at 3M Company, including Chief Marketing Officer and SVP – Safety and Industrial Business Group, Vice President – Global Marketing Excellence – Safety & Industrial Business Group, and Global Vice President, Marketing – Industrial Adhesives and Tapes Division. She holds an MBA from Queen's University School of Business and a Bachelor of Environmental Studies from the University of Waterloo.

The key risks to nVent Electric's business include global economic conditions and supply chain disruptions, risks associated with acquisitions and their integration, and challenges within the regulatory and legal environment, including taxation changes.

1. Global Economic Conditions and Supply Chain Disruptions: nVent Electric's business is significantly exposed to global economic conditions, including potential recessions, inflationary pressures, and geopolitical instability. The company relies on a variety of raw materials, such as steel, copper, aluminum, and electronic components, and is vulnerable to volatility in their availability, price, and quality, which can disrupt global manufacturing and sourcing operations and negatively impact financial results.
2. Acquisition and Integration Risks: As part of its growth strategy, nVent Electric engages in acquisitions, such as the recent purchases of ECM Industries and Trachte. These transactions carry inherent risks, including the diversion of management's attention, difficulties in integrating acquired businesses, technologies, and personnel, challenges in obtaining regulatory approvals, potential loss of key employees or customers, and the assumption of unforeseen liabilities. Failure to successfully integrate acquisitions or achieve anticipated benefits could adversely affect the company's financial performance.
3. Regulatory, Legal, and Taxation Changes: nVent Electric operates globally and is subject to diverse legal and regulatory frameworks, including Irish law, which may differ from U.S. laws and impact its ability to issue shares. The company also faces potential negative impacts from litigation, including product liability claims. Furthermore, changes in taxation laws, such as the implementation of the Pillar II global minimum tax framework, have already increased its effective tax rate, and further changes could affect future tax obligations and financial outcomes.

nVent Electric plc (NVT) operates primarily in two segments: Enclosures, and Electrical & Fastening Solutions. The company previously had a Thermal Management business, but it was sold in early 2025.

Enclosures (to be renamed Systems Protection in 2025)

• The global electrical enclosure market size was valued at approximately USD 7.42 billion in 2024. It is projected to grow to about USD 13.15 billion by 2032, with a compound annual growth rate (CAGR) of 7.7% during the forecast period.
• Europe dominates the market, holding a 30.99% market share in 2024.
• The U.S. electrical enclosure market is predicted to reach an estimated value of USD 2.11 billion by 2032.
• Another estimate indicates global electrical enclosure sales revenue is likely to total US$ 8.16 billion in 2025, with an anticipated surge at a 6.5% CAGR to reach US$ 12.71 billion by 2032.

Electrical & Fastening Solutions (to be renamed Electrical Connections in 2025)

• nVent Electric plc has a total addressable market of $90 billion, which encompasses all its offerings, including the Electrical & Fastening Solutions segment.
• Specific, individual market sizes for the sub-components within the Electrical & Fastening Solutions segment (such as electrical connections, fastening solutions, grounding, bonding, lightning protection, and low voltage power distribution products) were not explicitly detailed as separate addressable market sizes in the provided search results.

nVent Electric (NVT) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

1. Strong Demand in Data Centers, especially AI Data Centers and Liquid Cooling Solutions: The accelerated build-out of artificial intelligence (AI) data centers is a significant catalyst for nVent's revenue growth. The company is experiencing a remarkable increase in organic orders, primarily fueled by large orders for AI data center infrastructure. nVent's expanding liquid cooling portfolio is particularly crucial, as these solutions are growing significantly faster than traditional cooling methods due to the intense heat generated by AI applications.
2. Growth in Power Utilities and Infrastructure: Demand in the broader infrastructure vertical, especially within power utilities, is another robust driver. This growth is linked to the expansion of the overall electrical grid, the transition towards renewable energy sources, and global electrification and digitalization trends. nVent is investing in facilities to support this expansion.
3. Strategic Acquisitions: Recent strategic acquisitions, such as Trachte and the Electrical Products Group (EPG), are significantly bolstering nVent's capabilities and contributing to sales growth. These acquisitions have strengthened the company's position in high-growth areas like power utilities, data centers, and renewables, providing substantial backlog and visibility into future revenues.
4. New Product Launches and Innovation: nVent's commitment to innovation and new product development is a consistent contributor to its revenue. The company has launched numerous new products, which have added several points to sales growth year-to-date, demonstrating its strategic focus on expanding product offerings and market reach. The company is investing in research and development to foster further growth.

Share Repurchases

• nVent's Board of Directors approved a 3-year share repurchase program for up to $500 million on May 17, 2024, which commenced on July 23, 2024.
• From April to June 2025, nVent completed the repurchase of 3,855,170 shares for $200.01 million, finalizing a buyback program totaling 6,359,440 shares for $352.28 million following its May 2024 announcement.
• In the first half of 2025, nVent repurchased 4.8 million shares for $253 million, with approximately $147 million remaining under the authorization as of June 30, 2025.

Outbound Investments

• In May 2025, nVent completed the acquisition of the Electrical Products Group (EPG) business of Avail Infrastructure Solutions for $975 million, funded by cash on hand. This acquisition enhances nVent's position in high-growth infrastructure verticals, including power utilities, data centers, and renewables.
• nVent acquired Trachte, a manufacturer of preassembled and modularized control buildings, for $695 million in June 2024, reinforcing its modular building and data center offerings.
• The sale of the Thermal Management business for $1.7 billion (with net proceeds of approximately $1.4 billion) in Q1 2025 was intended to fund acquisitions and share repurchases, enabling a focus on core electrical connection and protection.

Capital Expenditures

• nVent's capital expenditures were $71 million in 2023.
• Forecasted capital expenditures are $74 million for 2024, $106.8 million for 2025, and $111.8 million for 2026.
• In Q1 2025, management raised the capital expenditure plan to approximately $100 million, primarily focused on expanding Data Solutions, strengthening the supply chain, and adding capacity for data center orders and liquid cooling products.