nVent Electric plc has signed an agreement to acquire Eldon, a privately held European-based enclosures business, for a cash purchase price of approximately $130 million, subject to customary adjustment and including repayment of Eldon debt.
“Eldon is a great fit for nVent," Beth Wozniak, nVent CEO, said in the press release. "The combination of Eldon and our enclosures business will strengthen our ability to quickly respond to customers around the world and provide advanced and flexible solutions. Eldon has been focused on driving a digital capability to serve customers with velocity, which aligns perfectly with our strategy.”
Eldon is headquartered in Madrid, Spain, with global offices and primary manufacturing in Romania. For the period ending Dec. 31, 2018, sales of the business were approximately $90 million.