Previously announced plan creates separate publicly traded company, nVent, which will begin trading on NYSE May 1.
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Fourth quarter sales increased 6.1 percent year-over-year.
Separation expected to occur through a tax-free spin-off.
Sale narrows company's focus to three segments.
Dennis Cassidy appointed to role.
While capacity is high, Pentair will "remain disciplined" about finding deals that make sense.
Profit plummeted 58 percent to $222.9 million.