Rosemont, IL - Emerson announced that it has closed the transaction acquiring SPX Corporation's 44.5 percent minority interest in EGS Electrical Group, giving it 100 percent ownership of the business. Emerson and SPX have jointly held the business since 1997, with Emerson responsible for operational management and control. Results for the business, which had annual revenues in 2013 of more than $500 million, have been consolidated in Emerson's Industrial Automation segment.
As announced in December, the transaction allows Emerson to focus on emerging growth opportunities in the oil, gas and chemical industries through its strong Process Management and international channels. Market repositioning actions to pursue these opportunities are already underway, including renaming the business unit to Appleton Group, reflecting its most recognized brand. The transaction is expected to be slightly accretive to earnings per share in 2014.
"We will continue to focus on innovation and service, expand new product introductions and find ways to grow in our key markets," said Russ Kerstetter, new president of Appleton Group. "We are very excited about the future of the new Appleton Group."