nVent at William Blair Conference: Portfolio Shift and Growth Strategy

On Thursday, 05 June 2025, nVent Electric PLC (NYSE:NVT) presented at the 45th Annual William Blair Growth Stock Conference, unveiling a strategic transformation following the sale of its thermal management business. CEO Beth Wozniak highlighted the company’s shift towards electrical infrastructure, with a focus on high-growth areas such as data centers and renewables. While the company is optimistic about its growth potential, challenges such as tariff impacts and integration of acquisitions remain.

Key Takeaways

• nVent has shifted its focus to Systems Protection and Electrical Connections, with infrastructure now accounting for over 40% of its revenue.
• The company aims for high single-digit revenue growth in the latter half of the year, supported by new product innovations and global expansion.
• Eight acquisitions, including Trachti and Avail EPG, have strengthened nVent’s portfolio, with significant orders extending into 2026.
• nVent is addressing tariff impacts with pricing adjustments and supply chain optimizations to protect margins.
• The company is expanding its liquid cooling capacity to meet growing demand, with sales in this segment growing double digits.

Financial Results

• Portfolio Transformation:

- Post-sale of its thermal management business, nVent now focuses on Systems Protection and Electrical Connections.

- Infrastructure revenue has surged to over 40%, up from 12% prior to the spin-off.

- Data solutions and power utilities each contribute about 20% to the current portfolio.

• Growth Strategy:

- Emphasis on high-growth verticals, new product development, and global market expansion.

- New products have contributed approximately two percentage points to growth in recent years.

• Acquisitions:

- Completed eight acquisitions, including Trachti and Avail EPG, funded by the sale of the thermal management business.

- These acquisitions have bolstered the company’s backlog and visibility into future growth.

• Financial Performance:

- Targeting over 30% incremental margins over time.

- Expected to achieve a leverage ratio below the target of 2.0-2.5x in the second half of the year.

- Prudent share buybacks have been executed.

• Future Guidance:

- Revenue growth forecast raised to high single digits for the year.

- Long-term growth expected to surpass mid-single-digit levels.

Operational Updates

• Data Centers and Liquid Cooling:

- nVent boasts a leading portfolio in liquid cooling solutions, with over 1 gigawatt of installed base.

- Capacity has been expanded fourfold to meet increasing demand, with collaboration from NVIDIA and AMD guiding product development.

- Liquid cooling sales reached $600 million last year, growing at double-digit rates.

• Trachti and Avail EPG:

- Trachti acquisition has exceeded growth expectations, enhancing engineered building solutions.

- Avail EPG acquisition secures a leading position in control buildings.

• Tariffs and Pricing:

- Tariffs estimated to have a $120 million impact, with strategies in place to mitigate effects through pricing and supply chain adjustments.

- Excluding M&A, margins are expected to improve in the latter half of the year.

Future Outlook

• Growth Potential:

- Targeting organic and inorganic growth, with a focus on higher growth mix.

- Long-term growth anticipated from strategic portfolio adjustments.

• Acquisition Strategy:

- Future acquisitions will focus on the infrastructure sector, seeking deals with promising growth and sales synergies.

• Electrical Grid Demand:

- Anticipating the electrical grid demand to double by 2050, nVent aims to capitalize on this growth opportunity.

Q&A Highlights

• Acquisition Process:

- Potential acquisitions identified through market studies and industry relationships.

- Trachti acquisition was through an auction process, while Avail EPG was a bilateral deal.

• Margin Expansion:

- Opportunities for margin expansion through new product launches and productivity improvements.

- Geographic expansion and standardization in data solutions are additional avenues for growth.

• Competitive Advantage in Liquid Cooling:

- A decade of experience in data centers, with strong manufacturing capabilities and leak-free systems.

- Strategic partnerships with NVIDIA and AMD for technology alignment.

For more detailed insights, readers are encouraged to refer to the full transcript.

Full transcript - 45th Annual William Blair Growth Stock Conference:

Brian Drab, Industrial Technology Analyst, William Blair: Brian Drab, the industrial technology analyst at William Blair. Before we get started, I have to let you know that you can find a full list of research disclosures on our website, williamblair.com. Today, we’re very happy to have with us the team from nVent. We have CEO, Beth Wozniak CFO, Gary Corona and Head of Investor Relations, Tony Ryder. Thank you for being with us.

Beth recently can I say this?

Beth Wozniak, CEO, nVent: Yes, you can.

Brian Drab, Industrial Technology Analyst, William Blair: Recently had knee surgery. So she may or may not stand. I’m telling her she should relax and and stay in the chair, and she’s debating that, I think, right now. So we’ll see what happens. But I think you should sit and just

Beth Wozniak, CEO, nVent: I’m going start. Come on. Be flexible.

Brian Drab, Industrial Technology Analyst, William Blair: You’re the CEO and the boss. NVent, I think, as most people in the room probably know, provides a wide range of electrical products, fastening solutions and systems supporting electrical infrastructure across a range of industries, including industrial, commercial and data center. They have a data center business that is now well, they call it data solutions, a little over 20% of revenue, growing very rapidly. There’s also utility business, which is benefiting from exposure to the data center industry that’s growing very rapidly as well. So some exciting growth at nVent.

But I will get out of the way and turn it over to Beth to tell us more.

Beth Wozniak, CEO, nVent: Thank you. All right. Take it easy. Okay.

Gary Corona, CFO, nVent: Thank you for being here.

Beth Wozniak, CEO, nVent: Okay. Well, good morning, everyone. And I think what I’m most excited to talk to you about today is just the portfolio transformation at nVent. So last year, we announced the sale of our thermal management business. So the way the portfolio looked last year, we were a $3,000,000,000 electrical company around Connect and Protect, which we have very long standing brands that have mission critical applications, and yet we’re a low cost on the bill of material.

That’s one way we like to describe ourselves. But as the world is electrifying, we’ve been shaping this portfolio to focus more on electrical infrastructure. So with the sale of thermal management, we now have two segments, and we renamed them because since our spin seven years ago, a lot has changed at nVent. So systems protection and electrical connections. And you can see we have nice ROS, nice margins, good EPS growth.

And always one of the hallmarks for us is very strong cash flow conversion. And I’m going to show you a chart later on, and I think this is important. When you look at our vertical focus here, and this is as of the end of last year, about 33% of what we were of vertical growth was in infrastructure, and that has changed significantly with some additions to our portfolio. We tend to be mostly a North American business because we keep doing acquisitions that have us growing within North America. So if we think about this as a portfolio as the end of last year and where we’re headed, we’ve had this strategy around nVent for a long period of time.

If you look back at any materials, you would see our strategy with a few tweaks to it. And it’s really how do we scale and grow as an electrical company to provide value to our customers and to all stakeholders. And that strategy of growth has always revolved around high growth verticals of which we consider infrastructure that, new products and innovation, and through our history, we have continued to increase our new product vitality. And last year, new products contributed about two points to growth, as they have the last couple of years, so that’s really important. We want to grow globally.

And we’ve now done our eighth acquisition. And so we have demonstrated very strong performance in terms of our integration and execution capability. New for us is transforming our experiences from our employee to our supplier to our customer, which is really about how do we differentiate, how do we scale, and how do we make it easier to do business with nVent. And of course, digital, data, all of those things, velocity is really key to us, working capital, and those elements have remained consistent in our strategy. When we talk about new products, one of the beautiful things about nVent is that we have these core technology platforms that can serve multiple verticals.

So there’s six here in terms of cable management. We are known for providing labor saving solutions and innovating to make the job easier for the contractor. That could be in a data center. That could be at a utility. That could be in a commercial building.

Our second platform is control buildings. And this came to us through the Trachty acquisition, and we’ve strengthened it yet again with our most recent acquisition of Avail EPG. Think of this as a larger enclosure where we started, but the capability to integrate switch gear, the capability to build skids for data solutions, it really builds on a lot of core competencies for us, primarily in that infrastructure space and growing double digits. Then we have equipment protection, which is enclosures, cooling, other capability liquid cooling, for which we’ve been at this for over two decades and have a leadership position in data solutions, having an installed base of over one gigawatt. We think that’s the largest installed base, by the way.

Power connections. This is everything we do around fastening solutions, grounding, bonding, surge protection, flexible busbar for which we have a lot of innovation, and then power management, like intelligent power distribution units. What’s key here, as I said, is that these products are really platforms that we can sell into multiple verticals. Now, is an important chart because it shows our history of when we spun. So back, when we spun in 2018, we were just over a $2,000,000,000 company.

We’ve done eight acquisitions to date in the sale of our thermal management business. If you looked at our portfolio just before we spun, only 12% of our revenue was in infrastructure, which we think of as data centers, power utilities, renewables. If you look at where we think we are today, if we snap the line, you would see that over 40% of our revenue is now coming from infrastructure, and that is growing the fastest. Data solutions and power utilities both represent about 20% of the portfolio. And what we’ve also done in this transformation and this has happened in the last couple of years where we sold Thermal and acquired Trocde and Avel is that we now have a large backlog business.

And we talked on our earnings call about that backlog growing sequentially and that we see strong orders and visibility into 26 and beyond. So that balance we think is really important in the portfolio. I wanted to just talk about data centers and liquid cooling because it is always the topic of interest for everyone. We have a leading portfolio in liquid cooling, and we start with and we can work with a cold plate or immersion, we provide the manifolds, we can provide rack CDUs, row CDUs, cooling distribution units, rear door heat exchangers, liquid to air, etcetera. When you think about our portfolio, we are scaling it to create more standardized offerings that we can sell not only to hyperscalers, which are a large part of our customer base, but beyond through distribution and colo, enterprise, system integrators.

And that’s really one of the ways that we will scale this business. This will be a record year for new products for us. We’ve added more capacity over four times the capacity and are continuing to invest because of the rapid acceleration of growth. We have relationships and work with NVIDIA and AMD, and all of that informs our roadmap. So we’re very excited about liquid cooling.

And not only are we going to see liquid cooling applications in data centers, but we’re going to see liquid cooling applications for battery energy storage and even in industrial applications, which is where we started. Last year, it was $600,000,000 of sales growing double digits for which cooling and power represented over half of that portfolio. And I would share we often talk about how fast liquid cooling is growing, but other aspects of this portfolio are growing just as fast. And I wanted to to almost close on this chart because we think at nVent, our mission is to connect and protect. And we talk about building a more sustain sustainable and electrified world.

We talk about the trends of digitalization electrification. And I think when we think about, we wanna have the very best workforce. Our retention rate is great. We have purpose to what we’re doing. Our employees are engaged in providing innovative solutions for the future.

We’ve done a lot around our products helping our customers solve sustainability challenges, and we’re operating in a more sustainable way. So this is really key in how we think about nVent and our purpose. So to close, the world is electrifying. There are several studies out there that show that the demand on the electrical grid is going to double by 02/1950. It took us one hundred years to build out the infrastructure to where we are today, and in twenty five years, we essentially have to do the same again.

Our products are essential for electrical infrastructure build out. Our transformation is on track, and we’re very excited about where the portfolio is exposed and the growth potential and opportunity that we have. And I think you can continue to see us execute on strong sales, EPS growth, and robust cash flow this year and beyond. I might just go back and while we talk, close have this chart up because I think it really speaks to where nVent is today and where we’re headed. Thank you, Beth.

So we do have plenty of time for a little fireside chat, I guess we’ll

Brian Drab, Industrial Technology Analyst, William Blair: call it, and Q and A. We can open it up to questions from the audience. So please think of questions or feel free to ask them. Raise your hand if you’re interested in doing so. As long as we went back to this chart that shows the significant transformation of the business over the years, maybe I could just start by talking about a couple of these acquisitions in a little more detail or ask you to talk about them in more detail.

Trachti, what is Trachti? How do you find it was $250,000,000 I think, in revenue when you bought it. It’s probably closer to $300,000,000 now. How do you find a business like that? And what are they doing?

Why was that attractive to you? And how are you growing it so rapidly?

Beth Wozniak, CEO, nVent: When we think about our portfolio and we talk a lot about systems protection, and if you think of what Trotti is are essentially engineered building solutions, They really are a larger and I’m saying this very simplistically enclosure. And we do a lot of studying opportunities and growth and where we see there’s potential adjacencies where we can expand and build off our core competencies. So as we identified Tracte as a control building, what we saw was it as a large enclosure with more enclosures inside, but it had commonality in terms of just the type of manufacturing capability. So we acquired Tracte last year in July, and we were very clear to say that it was a new growth platform for us. And since then, we acquired Avail EPG, which is another business like that, which gives us a leading position putting these two businesses together.

When we look at the opportunity here, what we see is that build out of the grid that needs to have control buildings that integrate switchgear or relay panels, for example. But we also see that there are skid solutions required for data centers that as hyperscalers or colos are trying to maximize the IT white space, They’re looking to move equipment into external buildings so that these control buildings come into play. And in fact, our relationships with some of the hyperscalers has allowed us to expand and drive synergies here. So as a category, we find that there is huge growth potential used for solar, wind, battery storage, anything like that, you’re going to see these control buildings. And as we talked about on our earnings call, our tracked a business exceeded our expectations in terms of growth, and we’re seeing significant synergies both on the cost and on the sales side.

And we’re one month into the AVAIL EPG acquisition, and we just think that the between the two of them, the backlog growth, the future there matches our core competency. It’s a great extension of what we do.

Brian Drab, Industrial Technology Analyst, William Blair: And how do you find a business like that? How do you can you tell us a little bit about process of finding that? And then the the following question is the the pipeline of other similar businesses that you see now.

Beth Wozniak, CEO, nVent: We have a a really effective business development and, strategy group. And when we look at, growth opportunities, we actually do a study to know, is this a area that we would like to enter? What are the growth prospects? What are the capabilities? We have great relationships with a lot of companies that we have dealt with over the decades.

We work with PE firms. We work with, banks to know you know, the market is so fragmented. We always talk about where we play as being a hundred billion dollar space. And, you know, we’re just over a $3,000,000,000 company, and we’re a larger player. So you can just imagine how fragmented it is.

So in the case of Trotti, we had known about that asset for a while. That one, we engaged in an auction process. In the case of AVAIL EPG, it was through our relationships, with the PE firm that this was a bilateral deal. And so I, you know, I think when we look at the returns that we’re going to generate from the multiples we paid, we know that there’s significant value creation to be had.

Brian Drab, Industrial Technology Analyst, William Blair: There still is significant ability at nVent to do acquisitions. You have to use some of the funds from the thermal sale to buy Avail. But what is your focus now for the next acquisition? And and are you thinking more bolt on or or, you know, something similar in size to these companies? Or how are you thinking about that?

Beth Wozniak, CEO, nVent: When we think about, you know, we have a really, robust funnel and pipeline of opportunity. And I think we’ve demonstrated with some you know, three of our last four acquisitions that they’re more sizable in scale, that we have the ability to be, effective in integrating larger size deals. We certainly like the infrastructure space. That is an area where we just see higher growth. And I think, as we executed on, the thermal sale and used the proceeds to do, various things there, Growth is still our priority.

So we have the opportunity, I think, to do some more deals even through this year and, of course, into the next several years. And we’re always very thoughtful. It has to be at the right multiple. We have to see good line of sight to both growth and sales synergies. And we want to make sure we can be effective at integrating these businesses.

So we look at how our resources are deployed as well.

Gary Corona, CFO, nVent: So our leverage ratio target is between two and two point five. And coming out of the Avail transaction, we expect to be below that here in the second half. So certainly plenty of firepower if the right deal is there for us to execute on.

Brian Drab, Industrial Technology Analyst, William Blair: Gary, I was going to ask you, I know that you’re doing a lot of conferences and talking to a lot of investors, but maybe given that you recently joined nVent, maybe new to some of our clients that are in the audience here. Can you just give a quick snapshot of your background and your first impressions of nVent and maybe where

Gary Corona, CFO, nVent: you see the greatest opportunities? Yeah, Brian. Thanks. I appreciate it. Yeah.

I’m a couple months in to my time at nVent and thrilled to be here. As far as my career, spent twenty five years in the consumer products industry, primarily in financial operations role. So embedded in the business, partnering with general managers to drive top and bottom line, worked a bit in M and A and general management as well. Spent the last two years in med tech working for Medtronic. I had the opportunity to actually be the interim CFO there, and that created an opportunity to join Beth at nVent.

And I’m thrilled to be here. It’s really an impressive company and what they’ve done since spin at Pentair looking at the portfolio transformation. Some of my early observations, really the discipline around capital allocation, the always on M and A capability and being very disciplined in the multiples that we pay. From an operating perspective, also being very disciplined uses of cash, generating cash both from a working capital management perspective, as well as a very efficient use of CapEx. And as Beth said, from a capital allocation perspective, our focus is growth.

We have invested in M and A and CapEx, but also bought shares back in a very prudent way. So the team has been very welcoming to me and I’m really excited to continue to learn the operations and partner with Beth and the team to drive growth because that’s what

Brian Drab, Industrial Technology Analyst, William Blair: we’re focused on. Thank you. Can maybe both of you or maybe whoever would like to speak to this, talk about the margin expansion potential in the business going forward. I get this question a lot. If you could, with whatever granularity you’re able to in each segment, where is the opportunity now for margin expansion?

I know, Beth, you talked about in the data center business standardization and going through distribution. I know that’s part of it. Maybe you could tie that in.

Beth Wozniak, CEO, nVent: Yeah, why don’t I start and then Gary can jump in. Both of our segments have margin expansion opportunity and, a couple of areas. Anytime that we launch new products, we always look to have them be at higher margins so that they become accretive to the overall portfolio. And as you know, that’s a key strategy for us. We have plenty of opportunity to continue to drive productivity and optimization and especially of some of these acquisitions.

So when we look at, many of the acquisitions, especially if they’re smaller companies or if they’re private equity held, they may not have driven productivity like lean. They may not have had professionalized sourcing or the capabilities that we have. So that’s a big opportunity for us as well. And, we’ve certainly been investing on the data solutions side, and it’s really about expanding capacity and going as fast as we can. But as we start to get more standardized modular solutions, I think that drives the capability to see margin expansion over time.

Brian Drab, Industrial Technology Analyst, William Blair: Don’t know, Gary, if you wanted to

Gary Corona, CFO, nVent: add anything. Yeah. Only thing I would add is, we’ve said over time that 30 plus percent incrementals is what we target. As Beth mentioned, the granularity of opportunities in margin expansion is really clear, the M and A. Geographically, there’s opportunity as well.

The one nVent approach drives scale. And what we’re doing is driving transformation on our enterprise functions across finance being one of them. And that’s going to help us from a margin expansion perspective as well.

Brian Drab, Industrial Technology Analyst, William Blair: One question that really every company is getting is what are you seeing in terms of related to tariffs and how that’s affecting, first of all, maybe your customer base or your project pipeline? Are there project pipelines things being pushed out because people don’t know where to allocate capital or when to allocate capital now? So let’s take it from that angle, first of all, how is that affecting your end markets?

Beth Wozniak, CEO, nVent: Well, let me start by saying, at most of the way we’re managing tariffs, right, is between pricing productivity and supply chain actions. And I think if we look at some of the infrastructure growth and backlog, we’ve not seen that have any impact whatsoever. What we did say on our last earnings call is that we thought that this could have an impact around the commercial resi market. And so therefore we were calling the year to be flat there versus what we expected to see some growth. And, you know, I would say this that generally, I think it does create some uncertainty.

Having said that, we did raise our guidance for the year. And I think we were prudent in how we thought, you know, the year might have more price and less you know, a little less on the volume side as a result of some of these impact.

Gary Corona, CFO, nVent: Yeah. And I would just say, you know, from a tariff perspective, you know, we we estimated about a hundred and 20,000,000 on our on our last earnings call. There have been puts and takes since then. Every day we have some new information. But the teams are taking action and to offset that we expect margins excluding M and A to be up in the back half.

And primarily we’re impacted by steel. That’s the lead impact. Our strategy is manufacturing in market for the market primarily. We do produce a bit in China and that was significant, but it’s not a significant part of our business at all. And obviously, we hope that that burden reduces.

Brian Drab, Industrial Technology Analyst, William Blair: Yes, you talked about the $120,000,000 impact on the last call and so much has changed. I don’t know if are you able to put a finer point on that? You’re not

Gary Corona, CFO, nVent: Yeah. We’re not commenting on kind of but again, it changes every day. We have puts and takes, and the teams are taking action and have the agility. We’ve managed this in the past, both

Brian Drab, Industrial Technology Analyst, William Blair: through price and cost savings measures to manage it. Right. It’s usually when the phrase that changes every exaggerating, but it really is. I think it’s I heard the other day that it has changed over 50 Can you talk about in a little more detail the pricing actions that you’re taking across the different parts of the business and how that is being received in the market?

Beth Wozniak, CEO, nVent: Well, a lot of our portfolio goes through distribution. So like other suppliers, we manage that through with list pricing. And we’ve shown that we can do multiple rounds of pricing in other years and certainly we do that to make adjustments. And then where we have, some more project or other OEM type of customers, we typically negotiate those price changes, and they understand that everyone is, you know, being impacted by these things. So, you know, this is why we, within our guidance, we expect that we’re gonna see more price this year as a result.

Brian Drab, Industrial Technology Analyst, William Blair: Can can we zoom out for a second? Just think about the the longer term growth rate potential for the business. Right? I know and and I I said this, I think, on, you know, a couple of earnings calls ago. I was thinking about it from the perspective of utilities is now about 20%, data solutions about 20%.

That’s 40% of your business. It’s growing very well. Yes. Right? Even if that if you’ve got 40% of your business that’s growing even 10%, that’s going to give you four points of organic revenue growth.

Yes. So what do you with that as the backdrop and assuming that everything else is growing over a cycle, what is how should we think about the long term potential? This is better than a GDP growth business. And I just want you

Beth Wozniak, CEO, nVent: to very so intentionally, yes, we’ve been changing the portfolio to be higher growth. Two years ago, we had, an Investor Day and at that time, the thermal management segment was a part of our business. And we said we thought our growth was, mid single digits. And after we executed on the sale of the thermal management business, we said we are now a higher growth electrical company. So implied there is that our growth rate would be higher than that mid single digit growth.

And secondly, we also said at that time that we expected to have a point of growth from acquisitions. And clearly the last couple of years, it’s been high single digits or double digits growth from acquisitions. So I think it’s fair to say, we’ve mixed the portfolio up to higher growth, great macro trends there. We see long term growth there. And so yes, our portfolio will be, you could expect it to be at a higher growth rate both organically and inorganically.

Gary Corona, CFO, nVent: And you’ll see that from us as we guided through the progression throughout the year. We’ll deliver high single digit revenue growth in the back half of this year as the business really starts

Brian Drab, Industrial Technology Analyst, William Blair: to accelerate nicely. Great. Thanks. I’ll leave that that we can dig into that maybe a little more in the breakout session, but we just have three minutes here. Please raise your hand if you have a question that you want to ask the team.

One of the questions I get all the time is around your competitive position in liquid cooling, in data center in general. Can you just answer that for everyone? Like what gives you competitive advantage? And I know it’s a collection of things really that

Beth Wozniak, CEO, nVent: Yeah. Well, and I’ll talk about it from a liquid cooling perspective is remember that we’ve been in the liquid cooling space for about two decades in industrial type of applications. So it’s now been over a decade that we’ve been working liquid cooling. So we’ve developed this capability organically and have a decade in the data center space. And it’s not just our understanding of the cooling architecture and being able to provide, a complete closed loop system, but it’s our manufacturing capability.

Our systems do not leak, for example. It’s the manufacturing techniques that we’ve developed. It is also how we have grown and managed our supply base because you have to rapidly scale. And I think you see that, you know, we have multiple solutions. It doesn’t matter whether we start from a cold plate or immersion.

We understand the control loops. We can do liquid to air cooling. So we have a lot of, simulation modeling and we have tested all of our solutions to meet performance specifications under various conditions, not the most optimal. Right? So, and I just state that because I think as, everyone is trying to expand there, they don’t have the application expertise as well as the performance capability that we have.

And we’re continuing to innovate. So this year will be not only that capacity expansion, record year for new products, expansion of the customer base. And I think we’re just going to continue to see scale and growth here.

Brian Drab, Industrial Technology Analyst, William Blair: And I think building on that, I mean, have if you think about the whole data solutions or data center business have these relationships with going down to the chip

Beth Wozniak, CEO, nVent: Yeah, absolutely. Mean The

Brian Drab, Industrial Technology Analyst, William Blair: chip design and the thermal requirements because of that, it starts there.

Beth Wozniak, CEO, nVent: Starts with working with folks like NVIDIA, folks like AMD, understanding the technology roadmaps and designing our roadmaps to meet those needs because the heat loads are going to get higher and higher.

Brian Drab, Industrial Technology Analyst, William Blair: Well, maybe we’ll dig into that also a little bit more in the breakout session. We have a breakout session in the Mayor Room here in ten minutes if you’d like to join us for that discussion. But thank you very much, Beth, Gary, Tony, being here.

Beth Wozniak, CEO, nVent: Thank you.

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