Emerson to completely own EGS Electrical Group
Date: 04/12/2013
Emerson 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. The business had annual revenues in 2013 of more than $500 million.
“We are excited for EGS to become a wholly-owned business of Emerson,” said Chairman and Chief Executive Officer David N. Farr. “Emerging opportunities with our Process Management and Industrial Automation businesses make this the right time to assume full ownership and realize the synergies possible as a fully integrated business of Emerson. We are grateful for the strong partnership with SPX over the years.”
