ST. LOUIS — Emerson announced that the sale of its Leroy-Somer and Control Techniques businesses to Nidec Corporation has been completed for a purchase price of $1.2 billion. The deal strengthens Emerson’s balance sheet and increases the company’s capacity for investment.
“This transaction marks another step in our strategic portfolio repositioning to align our businesses for long-term growth,” said Chairman and Chief Executive Officer David N. Farr. “With the sales of Leroy-Somer, Control Techniques and Network Power, we have further strengthened our balance sheet so we can continue to acquire valuable assets that enhance the ability of our global business platforms to serve our customers.”
Leroy-Somer, based in France, and Control Techniques, based the United Kingdom, have approximately 9,500 employees around the world. For more than 30 years, they have been leading manufacturers and suppliers of alternators, drives, and motors, with a combined FY 2015 revenue of approximately $1.7 billion.
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