NEW YORK (AP) - Emerson is selling a majority stake in its climate technologies business to Blackstone in a deal valued at $14 billion including debt.
The standalone climate technologies unit includes the Copeland compressor business and the entire portfolio of products and services across all hvac rtu meaning and refrigeration end-markets.
The division serves both commercial and residential clients and in its last fiscal year booked $5 billion in sales.
Emerson, based in St. Louis, has sought to refashion itself into a pure-play global automation company, while Blackstone sees an opportunity for growth as businesses and households seek out more energy efficiency through new technologies.
Emerson Electric Co.
will receive about $9.5 billion in cash proceeds and keep a non-controlling ownership interest in the new standalone joint venture.
The company posted fourth-quarter earnings Monday, including a $740 million profit. It topped Wall Street expectations for revenue and net income.
The transaction is expected to close in the first half of next year.
Emerson selling climate technologies in $14B deal
por Roscoe Madigan (07/03/2023)
NEW YORK (AP) - Emerson is selling a majority stake in its climate technologies business to Blackstone in a deal valued at $14 billion including debt.
The standalone climate technologies unit includes the Copeland compressor business and the entire portfolio of products and services across all hvac rtu meaning and refrigeration end-markets.
The division serves both commercial and residential clients and in its last fiscal year booked $5 billion in sales.
Emerson, based in St. Louis, has sought to refashion itself into a pure-play global automation company, while Blackstone sees an opportunity for growth as businesses and households seek out more energy efficiency through new technologies.
Emerson Electric Co.
will receive about $9.5 billion in cash proceeds and keep a non-controlling ownership interest in the new standalone joint venture.
The company posted fourth-quarter earnings Monday, including a $740 million profit. It topped Wall Street expectations for revenue and net income.
The transaction is expected to close in the first half of next year.