nVent plans to augment digital and modular capabilities to provide customers with customizable solutions with the new acquisition.

UK-based nVent Electric company, a global leader in innovative electrical solutions, recently announced having entered an agreement to acquire a leading provider of customized enclosure solutions for industrial markets, Eldon Enclosures, for approximately $130 million. The transaction is subject to customary adjustments, including repayment of Eldon debt, cite sources.

For the record, nVent is a front-runner in electrical connection & protection solutions and provides innovative solutions that protect, connect & manage heat in power equipment, control, communication, and critical electronics through its nVent SCHROFF & nVent HOFFMAN brands. The firm offers a full range of electrical enclosures, connections, fastening & thermal management solutions across leading industry brands that are recognized globally for reliability, innovation and quality.

Eldon is a customer-focused business with a comprehensive portfolio of enclosure solutions. Headquartered in Spain, Eldon has global offices & primary manufacturing in Romania. For the fiscal year 2018, sales of the business were approximately$90 million.

Beth Wozniak, CEO of nVent was reported to state that Eldon has a highly complementary portfolio in respect to nVent. The merging of Eldon and nVent’s enclosures business will strengthen the firm’s ability to quickly respond to customers across the globe to provide advanced & flexible solutions.

Wozniak added that Eldon has been focused on driving a digital capability to serve customers with rapidity, which aligns perfectly with nVent’s strategy of serving customers.

As per sources close to the matter, the acquisition of Eldon along with its highly corresponding portfolio will aid nVent to be better positioned for growth on global level. Completion of the acquisition is pending for regulatory approval. nVent expects the transaction to close by the end of 2019, and to be accretive to EPS within the first year following acquisition.

Source credits: https://investors.nvent.com/press-releases/press-release-details/2019/nVent-Signs-Agreement-to-Acquire-Eldon-Enclosures-Business/default.aspx