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Emerson to sell majority stake in Climate Technologies

USA: Emerson is to sell a majority stake in its Climate Technologies business to private equity funds managed by Blackstone in a transaction valued at $14bn. 

The Climate Technologies business includes the Copeland compressor and Alco valves business and the entire portfolio of products and services across all HVAC and refrigeration end-markets, representing revenues of around $5bn.

Emerson will receive upfront, pre-tax cash proceeds of approximately $9.5bn while retaining 45% common equity ownership in the new standalone Emerson and Blackstone joint venture, until its potential sale or IPO.

Emerson says the transaction marks a desire to become a pure-play global automation company.

“Today’s announcement is a definitive step in the portfolio journey we embarked on when I became CEO in early 2021,” said Emerson president and CEO Lal Karsanbhai. “Over the past 18 months, the Emerson team has accelerated our portfolio transformation, divesting non-core businesses including InSinkErator and Therm-O-Disc, while investing in organic growth opportunities and important transactions including AspenTech.”

The transaction is expected to close in the first half of next year.

Acquired by Emerson in 1986, the sale comes as Copeland celebrates its landmark 100th anniversary this year.

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