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Emerson Electric

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Not to be confused withEmerson Radio.

Emerson Electric Co.
Company typePublic
IndustryElectrical equipment
PredecessorEmerson Electric Manufacturing Co.
FoundedSeptember 24, 1890;133 years ago(1890-09-24)
FounderJohn W. Emerson
HeadquartersFerguson, Missouri,U.S.
Key people
Products
  • Process control systems
  • Climate technologies
  • Power technologies
  • Industrial automation
  • Electric motors
  • Storage systems
  • Professional tools
RevenueIncreaseUS$15.17billion(2023)
IncreaseUS$2.161 billion (2023)
IncreaseUS$13.22 billion (2023)
Total assetsIncreaseUS$42.75 billion (2023)
Total equityIncreaseUS$20.69 billion (2023)
Number of employees
c. 67,000(2023)
DivisionsList of business platforms
Websiteemerson
Footnotes / references
[1]
Emerson Electric office inMarkham, Ontario

Emerson Electric Co.is an Americanmultinational corporationheadquartered inFerguson, Missouri.[2][3][4]TheFortune500company manufactures products and provides engineering services for industrial, commercial, and consumer markets.[5][6][7] Emerson has approximately 86,700employeesand 170 manufacturing locations.[8]

History

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Emerson was established in 1890 inSt. Louis,Missouri, asEmerson Electric Manufacturing Co.byCivil WarUnion veteranJohn Wesley Emersonto manufactureelectric motorsusing apatentowned by the Scottish-born brothers Charles and Alexander Meston. In 1892, it became the first to sellelectric fansin the United States. It quickly expanded its product line to include electricsewing machines,electric dental drills,andpower tools.

Emerson Electric News Flashes, WWII

DuringWorld War II,under the leadership ofStuart Symington,[9]Emerson became the world's largest manufacturer of airplane armament. Emerson ranked 52nd among United States corporations in the value of World War II military production contracts.[10]

In 1954, W.R. "Buck" Persons was named company president. Under his leadership, Emerson diversified itsbusinessby acquiring 36 companies. When he retired in 1973, the company had 82 plants, 31,000 employees, and $800 million in sales.

In 1962, it acquired the United States Electrical Manufacturing Company as the U.S. Electrical Motors Division, including the brand U.S. Motors.[11]In 1968, it acquired theInSinkEratorcompany.[12]

Charles F. Knightserved as CEO from 1973 to 2000, and was chairman from 1974 to 2004. His tenure marked the development of a rigorous planning process, new product and technology development, acquisitions and joint ventures, and international growth.David Farrsucceeded him as chairman, and was also the CEO until 2021.

On December 15, 1999, Emerson Electric agreed to acquire Jordan Industries Inc.'s telecommunications equipment business for $440 million.[13]

In 2010, the U.S. Motors brand was sold toNidec Motor Corporation.[11]

On July 26, 2011, Emerson announced it would locate its Latin America headquarters inSunrise, Florida.[14]

On December 1, 2016,Platinum Equityacquired the Emerson Network Power business for over $4 billion and rebranded itVertiv.The acquisition included the brandsASCO,Chloride,Liebert,NetSure, and Trellis.[15]

In July 2018, Emerson completed the purchase of Textron Tools and Test Businesses for $810 million (IncludingGreenlee,Klauke, HD Electric, and Sherman + Reilly).[16]

On April 1, 2020, Emerson acquired American Governor Company to boost its presence in the hydropower control systems market.[17]

In October 2022, Emerson agreed to sell a 55 percent majority stake in its climate technologies business to private equity firmBlackstone Inc.in a $14billion deal, including debt.[18][19]

Following a nearly year-long negotiation, in April 2023, Emerson agreed to acquireNational Instrumentsin an all-cash deal worth $8.2billion to further its automation business.[20][21]

Products

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Emerson Electric produces the AN/APQ series of avionics

Corporate

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The company's leaders since the mid-20th century have been, respectively, W. R. Persons (1954–1973; President),Charles Knight(1973–2000,CEO), andDavid Farr(2000–2021, CEO).[22]The company's chair of the board have been Charles Knight (1974–2004), and David Farr (2004–2021). Jim Turley is the current Chair of the Board.

Emerson is structured into two business units: automation; and commercial and residential.[23][24]

Environmental records

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In 2008 (using data from 2005), researchers at theUniversity of Massachusetts Amherstidentified Emerson as the 97th largest corporate producer ofair pollution in the United States,down from its previous rank of 56th. Major pollutants indicated by the study includenickelcompounds,manganese,diisocyanate,andlead.[25]

Corporate relationships

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Emerson's brands acquisitions

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On December 22, 2014, Emerson announced the acquisition of Scotland-based Cascade Technologies Ltd., expanding their gas-analysis portfolio with laser-based measurement analyzers and systems for enhanced industrial emissions monitoring, production efficiencies, and regulatory compliance.[26]Other main Emerson acquisitions and brands include:

  • Advanced Protection Technologies
  • AgileOps
  • AMS Suite
  • American Governor Company
  • Aperture
  • APM Automation Solutions
  • Alco Controls
  • Appleton Group (formerly EGS Electrical Group)
  • Artesyn (spun off on Jan 2014)
  • ASCO International (sold toSchneider Electricin 2017)
  • ASCO Numatics
  • Astec (spun off on Jan 2014)
  • Aventics
  • Avocent
  • Avtron Loadbank
  • Bettis
  • Branson
  • Bristol Babcock
  • Cascade Technologies Ltd
  • Chloride Group
  • Chromalox(sold toJPMorgan Partnersin 2003)[27]
  • Closet Maid (sold toGriffon Corpin late 2017)
  • Control Products
  • Control Techniques (sold toNidecin early 2017)
  • Cooper-Atkins
  • Copeland (sold toBlackstonein early 2023)
  • CSI Technologies
  • DeltaV
  • Dixell
  • Electronic Navigation Industries
  • Enardo LLC
  • Energy Systems
  • Firetrol
  • Fisher Regulators
  • Fisher Valves & Instruments
  • Flexim[28]
  • Fusite
  • GeoFields
  • Greenlee
  • Groveley Detection Ltd
  • InSinkErator
  • Intelligent Store
  • Islatrol
  • Knurr (a business of Vertiv now)
  • Leroy-Somer(sold toNidecin early 2017)
  • Liebert (a business of Vertiv now)
  • METCO
  • Metro (InterMetro Industries)
  • Micro Motion
  • Mimic
  • Mobrey
  • National Instruments
  • Open Systems International(pending sale late 2020)[29]
  • Ovation
  • Paine Electronics
  • Paradig
  • Penberthy
  • Pentair Valves & Controls
  • Permasense
  • Plantweb Optics
  • Power Transmission Solutions
  • Progea Group
  • ProSys, Inc.[30]
  • ProTeam
  • Pryne & Co., Inc.[31]
  • Ridgid(Ridge Tool Company)
  • Rosemount
  • Rosemount Analytical
  • Roxar
  • Saab Marine Electronics
  • Sensi (Part of Copeland)[32]
  • Spence and Nicholson
  • SSB Wind Systems (sold toNidecin early 2017)
  • Surge Protection
  • Syncade
  • TopWorx
  • Tescom
  • Therm-O-Disc
  • Universal Western Electric Co. (1960)[33]
  • Verdant[34]
  • Vilter
  • White-Rodgers
  • WORKSHOP
  • Zedi

NBCHeroeslawsuit

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On October 2, 2006, Emerson filed suit in federal court againstNBCregarding a scene that appeared in the pilot episode of the network's TV seriesHeroes.The scene depicted Claire Bennet reaching into an active garbage disposal, severely injuring her hand. Emerson's suit claims the scene "casts the disposer in an unsavory light, irreparably tarnishing the product" by suggesting that serious injuries will result "in the event consumers were to accidentally insert their hand into one."

Emerson asked for a ruling barring future broadcasts of the pilot and to block NBC from using any Emerson trademarks in the future.

On February 23, 2007, the case was dropped. NBC Universal and Emerson Electric settled the lawsuit outside of court.[35]

References

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  1. ^"US SEC: 2023 Form 10-K Emerson Electric Co".U.S. Securities and Exchange Commission.November 13, 2023.RetrievedNovember 14,2023.
  2. ^"Contact Us"ArchivedNovember 21, 2008, at theWayback Machine.Emerson Electric Company. Retrieved August 18, 2009.
  3. ^Edwards, Greg."$60 million in data centers coming online at Emerson".St. Louis Business Journal.August 29, 2008. Retrieved August 18, 2009.
  4. ^"Ferguson city, Missouri"[permanent dead link].U.S. Census Bureau.Retrieved August 18, 2009.
  5. ^"David Farr"ArchivedAugust 30, 2010, at theWayback Machine
  6. ^"Edward L. Monser".Emerson. Archived fromthe originalon August 5, 2018.RetrievedMay 5,2017.
  7. ^"Subsidiaries and affiliates of Emmerson Electric Company".SEC.September 30, 2018.RetrievedNovember 25,2020.
  8. ^"US SEC: 2021 Form 10-K Emerson Electric Co".U.S. Securities and Exchange Commission.November 15, 2021.RetrievedFebruary 14,2022.
  9. ^"Emerson Net Income, Sales Set New Peaks: Reflect Demand for Plane Turrets".Chicago Daily Tribune.Vol. CIV, no. 13 (Final ed.). Chicago, Illinois. January 15, 1945. p. 20 – via Newspapers.
  10. ^Peck, Merton J.&Scherer, Frederic M.The Weapons Acquisition Process: An Economic Analysis(1962)Harvard Business Schoolp.619
  11. ^ab"HISTORY - U.S. Motors".Nidec Motor Corporation.
  12. ^"INSINKERATOR® ACQUIRED BY WHIRLPOOL CORPORATION | InSinkErator GB".insinkerator.emerson.RetrievedMarch 20,2023.
  13. ^"Emerson Electric Moves to Expand in Telecom Gear".Archived fromthe originalon September 10, 2013.
  14. ^"Emerson jobs: 21 to start, 75 by 2015"ArchivedSeptember 8, 2012, at theWayback Machine.Sun Sentinel
  15. ^"Emerson Network Power Rebrands as Vertiv, Appoints New CEO".businesswire.December 1, 2016.RetrievedAugust 28,2020.
  16. ^"Textron Completes Sale of Tools & Test Businesses to Emerson".finance.yahoo.RetrievedDecember 21,2018.
  17. ^"Emerson Acquires American Governor | Emerson US".
  18. ^Cooper, Laura; Gottfried, Miriam (October 31, 2022)."Blackstone, Emerson Electric Strike $14 Billion Buyout Deal".The Wall Street Journal.
  19. ^"Emerson selling climate technologies in $14B deal".Associated Press.October 31, 2022.
  20. ^Gomes, Nathan (April 12, 2023)."Emerson Electric to buy NI for $8.2 bln to deepen automation push".Reuters.
  21. ^Merrilees, Annika (April 12, 2023)."Emerson succeeds in hostile bid, reaches $8.2 billion deal to buy National Instruments".St. Louis Post-Dispatch.
  22. ^"Emerson's David Farr, candid and outspoken, to retire. 'He tended to get out in front'".stltoday.February 2, 2021.RetrievedMarch 10,2021.
  23. ^"About Emerson | Emerson US".
  24. ^"Surestore Storage".Saturday, April 24, 2021
  25. ^PERI: HomeArchivedMarch 8, 2010, at theWayback Machine
  26. ^"Automation Solutions | Emerson US".
  27. ^"StackPath".January 2003.
  28. ^"Emerson Expands Automation Leadership With Agreement to Acquire Flexim".August 16, 2023.RetrievedSeptember 21,2023.
  29. ^"Emerson Expands Commitment to Advanced Software Solutions with Agreement to Purchase Open Systems International, Inc"(Press release). August 27, 2020.RetrievedOctober 2,2020.
  30. ^"Emerson Completes Acquisition of ProSys, Inc. | Emerson".Archived fromthe originalon September 11, 2018.RetrievedSeptember 11,2018.
  31. ^"Pryne to become Emerson unit".Los Angeles Times.March 20, 1957. p. 71.RetrievedOctober 23,2020.
  32. ^"Sensi Thermostats | Sensi US".
  33. ^"The Fountain Valley News June 1, 1962 — Colorado Historic Newspapers Collection".
  34. ^"Emerson Acquires Verdant, a Leading Energy Management Company in Hospitality".Bloomberg News.March 11, 2020.
  35. ^Goetzl, David (February 23, 2007)."Emerson Drops Product Placement Case Against NBC".MediaDailyNews.RetrievedJune 27,2017.
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