Emerson announces job cuts but will not split
15th February 2020
USA: Emerson will not separate its industrial automation and air conditioning businesses, but will implement a $425m cost-cutting plan that will see 2,900 job cuts and closure of 145 facilities.
The decision comes after a comprehensive review of its activities following reports that one of its shareholders, the US hedge fund company D E Shaw & Co, was pushing for a split of its automation business and commercial and residential solutions interests. The latter includes Copeland compressors and Alco controls for the refrigeration and air conditioning industry.
Speaking at an investor presentation in New York this week, CEO David Farr said that, in addition to the job losses, another 1,000 salaried employees could be asked to relocate.
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