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Power transmission sale could raise $1bn for Emerson
Emerson Electric is planning to sell its mechanical power transmission business and could raise $1bn from the sale, according to a report from Reuters.
The business – part of Emerson’s industrial automation division – designs and produces couplings, bearings, conveying components, gears, drive components and supporting services. Its brands include Browning, Jaure, Kop-Flex, McGill, Morse, Rollway, SealMaster and System Plast.
Emerson announced in June that it was evaluating strategic alternatives for the power transmission business and expected to reveal its plans by the end of the year. The business, based in Kentucky, US, has more than 3,000 employees around the world. In 2013, it achieved revenues worth more than $600m.
According to Reuters, Emerson has hired Goldman Sachs to handle the sale and has started to contact potential buyers with the aim of divesting the business before the end of the year.
Emerson has five business segments: industrial automation; process management; network power; climate technologies; and commercial and residential solutions. Its sales in the 2013 financial year were worth $24.7bn.
