Emerson signs agreement to acquire minority stake in company
Emerson has acquired SPX Corporation's minority interest in EGS Electrical Group for $571 million.
Emerson announced that it 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.
EGS is a global manufacturer of electrical products for commercial, industrial, hazardous, and adverse environments for the oil, gas and chemical markets.
The transaction is expected to close within two months, subject to required regulatory approvals. EGS sales and earnings will continue to be consolidated in the Industrial Automation segment, while SPX's noncontrolling interest in earnings of EGS will cease. The purchase price will be $571 million.
- Edited by CFE Media. See more Control Engineering discrete manufacturing stories.