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Emerson said on Tuesday it would sell its network power unit to
investment firm Platinum Equity in a deal worth $4 billion,
while Japan's Nidec Corp <6594.T> would buy its motors and
electric power division for $1.2 billion.
St. Louis, Missouri-based Emerson said last year it planned to
spin off its network power unit, and would explore "strategic
alternatives" for its motors and drives, power generation and
remaining storage units.
Emerson will retain a subordinated interest in the network power
unit, which will continue to be led by Scott Barbour, executive
vice president of Emerson and business leader for the network
power division, the company said.
The company also reported lower-than-expected quarterly revenue,
hurt by slowing demand in its end markets that it blamed on
uncertain global economic conditions.
Net earnings attributable to Emerson's common shareholders fell
to $479 million, or 74 cents per share, in the third quarter
ended June 30, from $564 million, or 84 cents per share, a year
earlier.
Revenue fell 7 percent to $5.13 billion.
Analysts on average had expected earnings of 84 cents per share
and revenue of $5.32 billion, according to Thomson Reuters
I/B/E/S.
(Reporting by Shashwat Awasthi in Bengaluru; Editing by Martina
D'Couto)
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