Emerson to sell remaining stake in Copeland
11th June 2024USA: Emerson is to sell its remaining 40% interest in the Copeland joint venture (formerly Emerson Climate Technologies) to Blackstone for a transaction value of approximately $3.5bn.
A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and GIC will invest alongside Blackstone as part of the transaction.
The transactions have been approved by Emerson’s board of directors and are expected to close in the second half of this year.
“This transaction is a key step to simplify our portfolio and enhance Emerson’s focus as a global leader in automation,” said Lal Karsanbhai, Emerson’s president and CEO. “We believe now is the right time to execute our plans to fully exit the Copeland business.”
“Copeland has a world-class team that is helping lead the transition to more energy efficient heating and cooling solutions – and we are excited to continue supporting its accelerated growth in the years ahead,” commented Joe Baratta, global head of Blackstone Private Equity.
Emerson announced its intention to sell a majority stake in its Climate Technologies business in October 2022. 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.