Ross B. Shuster to Join as CEO of Standalone Climate Technologies Business Following the Close of the Acquisition by Blackstone from Emerson
April 24 2023 - 09:00AM
Business Wire
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230424005536/en/
Matthew Anderson (518) 248-7310
Matthew.Anderson@blackstone.com
Mariel Seidman-Gati (646) 482-3712
mariel.seidmangati@blackstone.com
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