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Emerson Electric

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Emerson Electric Co.
Company typePublic
IndustryElectrical equipment
PredecessorEmerson Electric Manufacturing Co.
FoundedSeptember 24, 1890; 133 years ago (1890-09-24)
FounderJohn W. Emerson
HeadquartersFerguson, Missouri, U.S.
Key people
Products
  • Process control systems
  • Climate technologies
  • Power technologies
  • Industrial automation
  • Electric motors
  • Storage systems
  • Professional tools
RevenueIncrease US$15.17 billion (2023)
Increase US$2.161 billion (2023)
Increase US$13.22 billion (2023)
Total assetsIncrease US$42.75 billion (2023)
Total equityIncrease US$20.69 billion (2023)
Number of employees
c. 67,000 (2023)
DivisionsList of business platforms
Websiteemerson.com
Footnotes / references
[1]
Emerson Electric office in Markham, Ontario

Emerson Electric Co. is an American multinational corporation headquartered in Ferguson, Missouri.[2][3][4] The Fortune 500 company manufactures products and provides engineering services for industrial, commercial, and consumer markets.[5][6][7] Emerson has approximately 86,700 employees and 170 manufacturing locations.[8]

History

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Emerson was established in 1890 in St. Louis, Missouri, as Emerson Electric Manufacturing Co. by Civil War Union veteran John Wesley Emerson to manufacture electric motors using a patent owned by the Scottish-born brothers Charles and Alexander Meston. In 1892, it became the first to sell electric fans in the United States. It quickly expanded its product line to include electric sewing machines, electric dental drills, and power tools.

Emerson Electric News Flashes, WWII

During World War II, under the leadership of Stuart Symington,[9] Emerson became the world's largest manufacturer of airplane armament. Emerson ranked 52nd among United States corporations in the value of World War II military production contracts.[10]

In 1954, W.R. "Buck" Persons was named company president. Under his leadership, Emerson diversified its business by acquiring 36 companies. When he retired in 1973, the company had 82 plants, 31,000 employees, and $800 million in sales.

In 1962, it acquired the United States Electrical Manufacturing Company as the U.S. Electrical Motors Division, including the brand U.S. Motors.[11] In 1968, it acquired the InSinkErator company.[12]

Charles F. Knight served as CEO from 1973 to 2000, and was chairman from 1974 to 2004. His tenure marked the development of a rigorous planning process, new product and technology development, acquisitions and joint ventures, and international growth. David Farr succeeded him as chairman, and was also the CEO until 2021.

On December 15, 1999, Emerson Electric agreed to acquire Jordan Industries Inc.'s telecommunications equipment business for $440 million.[13]

In 2010, the U.S. Motors brand was sold to Nidec Motor Corporation.[11]

On July 26, 2011, Emerson announced it would locate its Latin America headquarters in Sunrise, Florida.[14]

On December 1, 2016, Platinum Equity acquired the Emerson Network Power business for over $4 billion and rebranded it Vertiv. The acquisition included the brands ASCO, Chloride, Liebert, NetSure, and Trellis.[15]

In July 2018, Emerson completed the purchase of Textron Tools and Test Businesses for $810 million (Including Greenlee, Klauke, HD Electric, and Sherman + Reilly).[16]

On April 1, 2020, Emerson acquired American Governor Company to boost its presence in the hydropower control systems market.[17]

In October 2022, Emerson agreed to sell a 55 percent majority stake in its climate technologies business to private equity firm Blackstone Inc. in a $14 billion deal, including debt.[18][19]

Following a nearly year-long negotiation, in April 2023, Emerson agreed to acquire National Instruments in an all-cash deal worth $8.2 billion to further its automation business.[20][21]

Products

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Emerson Electric produces the AN/APQ series of avionics

Corporate

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The company's leaders since the mid-20th century have been, respectively, W. R. Persons (1954–1973; President), Charles Knight (1973–2000, CEO), and David Farr (2000–2021, CEO).[22] The company's chair of the board have been Charles Knight (1974–2004), and David Farr (2004–2021). Jim Turley is the current Chair of the Board.

Emerson is structured into two business units: automation; and commercial and residential.[23][24]

Environmental records

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In 2008 (using data from 2005), researchers at the University of Massachusetts Amherst identified Emerson as the 97th largest corporate producer of air pollution in the United States, down from its previous rank of 56th. Major pollutants indicated by the study include nickel compounds, manganese, diisocyanate, and lead.[25]

Corporate relationships

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Emerson's brands acquisitions

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On December 22, 2014, Emerson announced the acquisition of Scotland-based Cascade Technologies Ltd., expanding their gas-analysis portfolio with laser-based measurement analyzers and systems for enhanced industrial emissions monitoring, production efficiencies, and regulatory compliance.[26] Other main Emerson acquisitions and brands include:

  • Advanced Protection Technologies
  • AgileOps
  • AMS Suite
  • American Governor Company
  • Aperture
  • APM Automation Solutions
  • Alco Controls
  • Appleton Group (formerly EGS Electrical Group)
  • Artesyn (spun off on Jan 2014)
  • ASCO International (sold to Schneider Electric in 2017)
  • ASCO Numatics
  • Astec (spun off on Jan 2014)
  • Aventics
  • Avocent
  • Avtron Loadbank
  • Bettis
  • Branson
  • Bristol Babcock
  • Cascade Technologies Ltd
  • Chloride Group
  • Chromalox (sold to JPMorgan Partners in 2003)[27]
  • Closet Maid (sold to Griffon Corp in late 2017)
  • Control Products
  • Control Techniques (sold to Nidec in early 2017)
  • Cooper-Atkins
  • Copeland (sold to Blackstone in early 2023)
  • CSI Technologies
  • DeltaV
  • Dixell
  • Electronic Navigation Industries
  • Enardo LLC
  • Energy Systems
  • Firetrol
  • Fisher Regulators
  • Fisher Valves & Instruments
  • Flexim[28]
  • Fusite
  • GeoFields
  • Greenlee
  • Groveley Detection Ltd
  • InSinkErator
  • Intelligent Store
  • Islatrol
  • Knurr (a business of Vertiv now)
  • Leroy-Somer (sold to Nidec in early 2017)
  • Liebert (a business of Vertiv now)
  • METCO
  • Metro (InterMetro Industries)
  • Micro Motion
  • Mimic
  • Mobrey
  • National Instruments
  • Open Systems International (pending sale late 2020)[29]
  • Ovation
  • Paine Electronics
  • Paradig
  • Penberthy
  • Pentair Valves & Controls
  • Permasense
  • Plantweb Optics
  • Power Transmission Solutions
  • Progea Group
  • ProSys, Inc.[30]
  • ProTeam
  • Pryne & Co., Inc.[31]
  • Ridgid (Ridge Tool Company)
  • Rosemount
  • Rosemount Analytical
  • Roxar
  • Saab Marine Electronics
  • Sensi (Part of Copeland)[32]
  • Spence and Nicholson
  • SSB Wind Systems (sold to Nidec in early 2017)
  • Surge Protection
  • Syncade
  • TopWorx
  • Tescom
  • Therm-O-Disc
  • Universal Western Electric Co. (1960)[33]
  • Verdant[34]
  • Vilter
  • White-Rodgers
  • WORKSHOP
  • Zedi

NBC Heroes lawsuit

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On October 2, 2006, Emerson filed suit in federal court against NBC regarding a scene that appeared in the pilot episode of the network's TV series Heroes. The scene depicted Claire Bennet reaching into an active garbage disposal, severely injuring her hand. Emerson's suit claims the scene "casts the disposer in an unsavory light, irreparably tarnishing the product" by suggesting that serious injuries will result "in the event consumers were to accidentally insert their hand into one."

Emerson asked for a ruling barring future broadcasts of the pilot and to block NBC from using any Emerson trademarks in the future.

On February 23, 2007, the case was dropped. NBC Universal and Emerson Electric settled the lawsuit outside of court.[35]

References

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  1. ^ "US SEC: 2023 Form 10-K Emerson Electric Co". U.S. Securities and Exchange Commission. November 13, 2023. Retrieved November 14, 2023.
  2. ^ "Contact Us" Archived November 21, 2008, at the Wayback Machine. Emerson Electric Company. Retrieved August 18, 2009.
  3. ^ Edwards, Greg. "$60 million in data centers coming online at Emerson". St. Louis Business Journal. August 29, 2008. Retrieved August 18, 2009.
  4. ^ "Ferguson city, Missouri"[permanent dead link]. U.S. Census Bureau. Retrieved August 18, 2009.
  5. ^ "David Farr" Archived August 30, 2010, at the Wayback Machine
  6. ^ "Edward L. Monser". Emerson. Archived from the original on August 5, 2018. Retrieved May 5, 2017.
  7. ^ "Subsidiaries and affiliates of Emmerson Electric Company". SEC. September 30, 2018. Retrieved November 25, 2020.
  8. ^ "US SEC: 2021 Form 10-K Emerson Electric Co". U.S. Securities and Exchange Commission. November 15, 2021. Retrieved February 14, 2022.
  9. ^ "Emerson Net Income, Sales Set New Peaks: Reflect Demand for Plane Turrets". Chicago Daily Tribune. Vol. CIV, no. 13 (Final ed.). Chicago, Illinois. January 15, 1945. p. 20 – via Newspapers.com.
  10. ^ Peck, Merton J. & Scherer, Frederic M. The Weapons Acquisition Process: An Economic Analysis (1962) Harvard Business School p.619
  11. ^ a b "HISTORY - U.S. Motors". Nidec Motor Corporation.
  12. ^ "INSINKERATOR® ACQUIRED BY WHIRLPOOL CORPORATION | InSinkErator GB". insinkerator.emerson.com. Retrieved March 20, 2023.
  13. ^ "Emerson Electric Moves to Expand in Telecom Gear". Archived from the original on September 10, 2013.
  14. ^ "Emerson jobs: 21 to start, 75 by 2015" Archived September 8, 2012, at the Wayback Machine. Sun Sentinel
  15. ^ "Emerson Network Power Rebrands as Vertiv, Appoints New CEO". www.businesswire.com. December 1, 2016. Retrieved August 28, 2020.
  16. ^ "Textron Completes Sale of Tools & Test Businesses to Emerson". finance.yahoo.com. Retrieved December 21, 2018.
  17. ^ "Emerson Acquires American Governor | Emerson US".
  18. ^ Cooper, Laura; Gottfried, Miriam (October 31, 2022). "Blackstone, Emerson Electric Strike $14 Billion Buyout Deal". The Wall Street Journal.
  19. ^ "Emerson selling climate technologies in $14B deal". Associated Press. October 31, 2022.
  20. ^ Gomes, Nathan (April 12, 2023). "Emerson Electric to buy NI for $8.2 bln to deepen automation push". Reuters.
  21. ^ Merrilees, Annika (April 12, 2023). "Emerson succeeds in hostile bid, reaches $8.2 billion deal to buy National Instruments". St. Louis Post-Dispatch.
  22. ^ "Emerson's David Farr, candid and outspoken, to retire. 'He tended to get out in front'". www.stltoday.com. February 2, 2021. Retrieved March 10, 2021.
  23. ^ "About Emerson | Emerson US".
  24. ^ "Surestore Storage". Saturday, April 24, 2021
  25. ^ PERI: Home Archived March 8, 2010, at the Wayback Machine
  26. ^ "Automation Solutions | Emerson US".
  27. ^ "StackPath". January 2003.
  28. ^ "Emerson Expands Automation Leadership With Agreement to Acquire Flexim". August 16, 2023. Retrieved September 21, 2023.
  29. ^ "Emerson Expands Commitment to Advanced Software Solutions with Agreement to Purchase Open Systems International, Inc" (Press release). August 27, 2020. Retrieved October 2, 2020.
  30. ^ "Emerson Completes Acquisition of ProSys, Inc. | Emerson". Archived from the original on September 11, 2018. Retrieved September 11, 2018.
  31. ^ "Pryne to become Emerson unit". Los Angeles Times. March 20, 1957. p. 71. Retrieved October 23, 2020.
  32. ^ "Sensi Thermostats | Sensi US".
  33. ^ "The Fountain Valley News June 1, 1962 — Colorado Historic Newspapers Collection".
  34. ^ "Emerson Acquires Verdant, a Leading Energy Management Company in Hospitality". Bloomberg News. March 11, 2020.
  35. ^ Goetzl, David (February 23, 2007). "Emerson Drops Product Placement Case Against NBC". MediaDailyNews. Retrieved June 27, 2017.
[edit]
  • Official website
  • Business data for Emerson Electric Co.: