Emerson Announces Agreement to Divest its Russia Business to Local Management
September 27 2022 - 8:00AM
Business Wire
Emerson (NYSE: EMR) today announced an agreement to sell its
Russia business, including Metran, its Russia-based manufacturing
subsidiary, and Emerson LLC in Russia, the sales and service
organization for Metran, to the local management team. This
announcement follows the company’s May statement to exit its Russia
business and explore strategic options to divest Metran.
For fiscal year 2021, Russia represented approximately 1.5% of
total Emerson sales. As part of the previously announced Russia
exit, Emerson included a pre-tax loss of $162M in the third quarter
of fiscal 2022.
The transaction will be subject to regulatory and government
approvals, and other customary closing conditions. Emerson will
work closely with the local Russia management team to help ensure a
smooth transition for employees through the process.
About Emerson
Emerson (NYSE: EMR), headquartered in St. Louis, Missouri (USA),
is a global technology and software company providing innovative
solutions for customers in industrial, commercial and residential
markets. A leader in industrial automation, Emerson helps process,
hybrid and discrete manufacturers optimize operations, protect
personnel, reduce emissions and achieve their sustainability goals
through its Automation Solutions and AspenTech businesses.
Emerson’s Commercial & Residential Solutions business helps
ensure human comfort and health, protect food quality and safety,
advance energy efficiency and create sustainable infrastructure.
For more information, visit Emerson.com.
Forward-Looking and Cautionary Statements
Statements in this press release that are not strictly
historical may be “forward-looking” statements, which involve risks
and uncertainties, and Emerson undertakes no obligation to update
any such statements to reflect later developments. These risks and
uncertainties include the scope, duration and ultimate impact of
the COVID-19 pandemic and the Russia-Ukraine conflict, as well as
economic and currency conditions, market demand, including related
to the pandemic and oil and gas price declines and volatility,
pricing, protection of intellectual property, cybersecurity,
tariffs, competitive and technological factors, inflation, among
others, as set forth in the Company's most recent Annual Report on
Form 10-K and subsequent reports filed with the SEC.
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For Emerson Investor Contact: Colleen Mettler 314-553-2197 Media
Contact: Charlotte Boyd 952-994-8607
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