Emerson to Buy Pentair Valves-and-Controls Unit for $3.15 Billion
August 18 2016 - 5:29PM
Dow Jones News
By Josh Beckerman
Emerson Electric Co. reached a deal to buy Pentair PLC's
valves-and-controls unit for $3.15 billion, part of a strategy to
expand its automation offerings.
The Schaffhausen, Switzerland, business has nearly 7,500
employees and serves sectors including chemicals, energy, power and
mining.
The Wall Street Journal reported in June that Pentair was
working with Citigroup Inc. on a possible sale of the business,
potentially for more than $2 billion. The business was acquired as
part of a $4.5 billion deal with Tyco International Ltd. in
2012.
The deal is expected to close in four to six months.
Shares of the companies were inactive after hours.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
August 18, 2016 17:14 ET (21:14 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Johnson Controls (NYSE:JCI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Johnson Controls (NYSE:JCI)
Historical Stock Chart
From Apr 2023 to Apr 2024