Emerson buys Daniel Industries, MagneTek generator division
To enhance its presence in the oil and gas industry, Emerson Electric Co. agreed May 13 to acquire Daniel Industries Inc. (Houston, Tex.) for approximately $460 million. Daniel's board unanimously supported Emerson's cash offer of $21.25 for each outstanding share of Daniel's common stock.
To enhance its presence in the oil and gas industry, Emerson Electric Co. agreed May 13 to acquire Daniel Industries Inc. (Houston, Tex.) for approximately $460 million. Daniel’s board unanimously supported Emerson’s cash offer of $21.25 for each outstanding share of Daniel’s common stock. The firms expect to complete the deal in 2Q99 pending regulatory approval and other customary conditions. Daniel would then become a wholly owned subsidiary of Emerson. “Besides building a stronger base in our primary market, oil and gas, we expect the innovative technologies of Emerson’s Fisher-Rosemount companies will accelerate our own product development,” says Ronald Lassiter, Daniel’s chairman and ceo. Previously, Emerson closed April 27 on its purchase of MagneTek Inc.’s (Nashville, Tenn.) generator division for $115 million.
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