Emerson has announced an agreement to sell Network Power to Platinum Equity and a group of co-investors. The transaction is valued at $4 billion and Emerson will retain a subordinated interest in Network Power. David N. Farr, chairman and chief executive officer of Emerson, said that this is a milestone in the strategic portfolio repositioning announced last June, and will streamline Emerson to create a more focused company with significant opportunities for growth and profitability in its core served markets.
With revenue of approximately $4.4 billion in fiscal 2015, Network Power, based in Columbus, Ohio, is a leading provider of thermal management, AC and DC power, transfer switches, services, and information management systems for the data center and telecommunications industries. Network Power will continue to be led by Scott Barbour, who has been executive vice president of Emerson and business leader for Network Power. Emerson also announced it has agreed to sell its Leroy-Somer and Control Techniques business units to Nidec Corp. This transaction is valued at $1.2 billion. Leroy-Somer, headquartered in France, was acquired by Emerson in 1990. Control Techniques as been an Emerson business since 1995, and is based in the United Kingdom. Both are leading manufacturers and suppliers of alternators, drives, and motors, with approximately 9,500 employees around the world. The two businesses had combined fiscal year 2015 revenue of approximately $1.7 billion. (Source: http://www.achrnews.com)
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