nVent Electric Bolsters Cooling Solutions Via Acquisition Of Italy-Based TEXA Industries

nVent Electric plc NVT has acquired Italy-based TEXA Industries for an undisclosed sum.

TEXA provides industrial cooling applications, including air conditioners and chillers, with approximately 90 employees. TEXA Industries will operate within nVent's Enclosures business segment.

The acquisition is expected to complement nVent's portfolio to protect critical electrical systems with expanded industrial air conditioners and chillers.

The deal is expected to enhance nVent's position with the electrification of everything in high-growth verticals, such as industrial automation and energy storage.

"Combined with our expertise in liquid cooling, this acquisition strengthens nVent's position and accelerates our ability to provide global cooling solutions in demanding environments, such as industrial automation and energy storage," said Alexander van der Weide, nVent HOFFMAN General Manager and Vice President.

nVent held $303.1 million in cash and equivalents as of March 31, 2023.

Price Action: NVT shares closed higher by 2.41% at $51.82 on Monday.