Emerson (NYSE: EMR) today announced that it has closed the transaction
acquiring SPX Corporation’s 44.5 percent minority interest in EGS
Electrical Group, giving it 100 percent ownership of the business.
Emerson and SPX have jointly held the business since 1997, with Emerson
responsible for operational management and control. Results for the
business, which had annual revenues in 2013 of more than $500 million,
have been consolidated in Emerson’s Industrial Automation segment.
As announced in December, the transaction allows Emerson to focus on
emerging growth opportunities in the oil, gas and chemical industries
through its strong Process Management and international channels. Market
repositioning actions to pursue these opportunities are already
underway, including renaming the business unit to Appleton Group,
reflecting its most recognized brand. The transaction is expected to be
slightly accretive to earnings per share in 2014.
About Emerson
Emerson (NYSE: EMR), based in St. Louis, Missouri (USA), is a global
leader in bringing technology and engineering together to provide
innovative solutions for customers in industrial, commercial, and
consumer markets around the world. The company is comprised of five
business segments: Process Management, Industrial Automation, Network
Power, Climate Technologies, and Commercial & Residential Solutions.
Sales in fiscal 2013 were $24.7 billion. For more information, visit www.Emerson.com.
Copyright Business Wire 2014