Emerson Electric Buys Product Lines From Circor for $84.5 Million

By Colin Kellaher

Emerson Electric Co. (EMR) has acquired the Spence and Nicholson product lines from Circor International Inc. (CIR) for about $84.5 million in cash, the companies said Tuesday.

The Spence and Nicholson lines include steam regulators, control valves, safety relief valves, temperature regulators, steam traps and other steam accessories and solutions.

Emerson, a St. Louis technology and engineering company, said the acquisition adds to its portfolio of steam-system solutions for process industries and commercial buildings.

Circor, based in Burlington, Mass., said it will use proceeds from the sale to pay down debt, adding that it plans to focus on its core flow-control business.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 03, 2019 07:58 ET (11:58 GMT)

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