Emerson to sell two business units
Emerson announced plans to sell its Leroy-Somer and Control Techniques division to Nidec Corporation and its Network Power business to Platinum Equity and a group of co-investors.
The transaction of the network power unit is valued at $4 billion, while Nidec will pay $1.2 billion for the motors and electric power division.
The company also announced that net sales in the third quarter of $5.1 billion were down 7 percent, with underlying sales down 5 percent excluding unfavorable currency translation and an impact from a divestiture, net of acquisitions of 1 percent each.
Sales were down in all segments except Network Power, which was up 8 percent on the strength of both data center and telecommunications infrastructure spending. Emerson underlying sales were negative in all regions, except Europe which was flat.
Net earnings of $490 million were down 15 percent from $574 million in the same period last year.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
