Shuster Brings More Than 25 Years of Leadership Experience, Growing and Transforming Global, Sustainability-Focused Businesses Blackstone Investment to Help Power Next Phase of Growth for the Standalone Climate Technologies Business’ Products, Which Play Key Role in Energy Efficient Heating and Cooling Solutions

Blackstone (NYSE: BX) today announced that, upon close of the previously announced transaction through which private equity funds managed by Blackstone (“Blackstone”) will acquire a majority stake in Emerson’s (NYSE: EMR) Climate Technologies business, Ross B. Shuster will become Chief Executive Officer of the new standalone business. The appointment follows an extensive global search process, including external and internal candidates. The close of the transaction remains on track for the first half of the 2023 calendar year.

The standalone Climate Technologies business includes the market-leading Copeland compressor business and the entire portfolio of products and services across all HVACR end-markets, representing approximately $5.0 billion of Emerson’s fiscal 2022 sales. The company’s products play a key role in improving the energy efficiency of heating and cooling solutions – as well as in the rapidly growing market for electric heat pumps and climate-friendly refrigerants, which are being increasingly adopted globally to reduce environmental impact and carbon emissions.

Mr. Shuster is a veteran executive who brings more than 25 years of leadership experience that will enable the business to unlock meaningful value in its next phase as a standalone company. He has a unique combination of public company HVACR experience from his years at United Technologies / Carrier and Johnson Controls, as well as private company CEO experience at Howden, a leading global provider of mission critical air and gas handling products and services. As CEO of Howden, Mr. Shuster led the company through its carve-out from Colfax and sale to Chart Industries, driving significant growth, repositioning the business, and entering new markets. Previously, he spent 12 years with United Technologies, holding several leadership positions including as a business unit President within the Climate, Controls & Security Global Business. He also spent more than a decade with Johnson Controls, holding various roles across San Francisco, Los Angeles, Singapore, and Shanghai.

“This is a special opportunity to shape the next chapter of an industry-leading business alongside the Blackstone, Emerson, and Climate Technologies teams,” said Ross B. Shuster. “I am excited by the opportunity to work alongside the talented team that makes up this business in order to build upon a decades-long track record of success and innovation. There are numerous opportunities to further invest in this business for the benefit of the team, our customers, and, very importantly, for the world around us. The Climate Technologies business is ideally positioned to help address global climate challenges, including contributing to energy efficiency and accelerating the global trend of electrification. Now with the focus of a standalone company, and with the support of Blackstone, we are poised to build this already strong business into an unmatched global leader in the areas of energy efficiency and sustainability.”

“We are thrilled to welcome Ross and are confident he is the right person to lead this world-class business as we prepare to further advance its position as the partner of choice in the climate technologies space,” said Seth Meisel, Senior Managing Director at Blackstone. “This is a critical moment for both the business and the industry as we look to bring innovative, efficient, and sustainable heating, cooling, and refrigeration products to customers amidst broad demand for carbon reduction solutions. Ross brings the necessary skills and experience scaling global, sustainability-focused businesses to capitalize on this environment. We also want to thank Jamie Froedge for his significant work in establishing this industry-leading business, and we look forward to investing in this team as we build on the strong foundation.”

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $991 billion in assets under management include investment vehicles focused on private equity, real estate, public equity, infrastructure, life sciences, growth equity, liquid and private credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.

Matthew Anderson (518) 248-7310 Matthew.Anderson@blackstone.com

Mariel Seidman-Gati (646) 482-3712 mariel.seidmangati@blackstone.com

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