Emerson Electric to Sell Russia Business to Local Management
September 27 2022 - 8:56AM
Dow Jones News
By Colin Kellaher
Emerson Electric Co. on Tuesday said it agreed to sell its
Russia operations to the business's local management team,
following through on a pledge to exit the country after Russia's
invasion of Ukraine.
The St. Louis technology and engineering company said the sale
includes Metran, a supplier of process automation equipment it
acquired several years ago to gain more exposure to Russia's energy
industry.
Russia represented about 1.5% of Emerson's fiscal 2021 sales of
nearly $18.2 billion. The company previously booked a pretax loss
of $162 million in the third quarter of fiscal 2022 to reflect the
planned divestiture.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 27, 2022 08:41 ET (12:41 GMT)
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