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 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, including a $740 million profit. It…
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AppleMagazine (Digital) - 1 Issue, #575