Emerson to Purchase Remaining Stake in EGS Electrical
Will buy remaining interest from SPX.
Emerson has signed an agreement to acquire 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 consolidation of results in its Industrial Automation segment. The business had annual revenues in 2013 of more than $500 million.
"We are excited for EGS to become a wholly-owned business of Emerson," said Chairman and Chief Executive Officer David N. Farr. "Emerging opportunities with our Process Management and Industrial Automation businesses make this the right time to assume full ownership and realize the synergiedanoconnells possible as a fully integrated business of Emerson. We are grateful for the strong partnership with SPX over the years."
As a global manufacturer of electrical products for commercial, industrial, hazardous and adverse environments, EGS' technologies are highly regarded in their markets for durability, safety and quality.
Although EGS serves a wide range of markets, its oil, gas and chemical participation has grown to more than half of total sales.
For more information, visit www.Emerson.com.
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