nVent to acquire Eldon Enclosures business for USD 130 million
Category: #business  By Mateen Dalal  Date: 2019-07-30
  • share
  • Twitter
  • Facebook
  • LinkedIn

nVent to acquire Eldon Enclosures business for USD 130 million

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

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal    

Mateen Dalal

Mateen has completed his Bachelor’s degree in electronics and telecommunication engineering, post which he lent his proficiency to the industry, working as a quality and test engineer. Drawn intricately toward the field of content creation however, Mateen soon switc...

Read More

More News By Mateen Dalal

Google’s business intelligence platform Looker collabs with Tableau
Google’s business intelligence platform Looker collabs with Tableau
By Mateen Dalal

Google Cloud Platform has recently revealed that its business intelligence platform, Looker has been integrated with Tableau, empowering users of both the platforms to benefit from the different features offered by each. For starters, Google Cloud a...

HR tech firm Personio ropes in $270 million in latest financing round
HR tech firm Personio ropes in $270 million in latest financing round
By Mateen Dalal

Personio, a HR software provider targeting small and medium sized businesses, has attained a $270 million investment in the wake of high demand for its services. With the latest Series E round of funding, Personio's valuation roses to $6.3 billi...

New Zealand prepares to deal with potential surge in COVID-19 cases
New Zealand prepares to deal with potential surge in COVID-19 cases
By Mateen Dalal

New Zealand is preparing for an increase in Covid-19 cases after registering 94 new infections over the weekend, with pandemic modelers predicting that if the government continues on its present path, new cases would rapidly exceed 100 per day. Epid...