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The board of directors for Pentair plc (NYSE: PNR), London, UK, has approved the company’s previously announced spin-off of its electrical business. The transaction will result in two independent, publicly traded companies: Pentair plc and nVent Electric plc ("nVent"). nVent ordinary shares are expected to begin trading on the NYSE on May 1, 2018.
nVent will be a high-performance electrical company focused on improving utilization, lowering costs and maximizing customer uptime. Pentair will continue as a global water company focused on smart, sustainable solutions.