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Emerson Electric Co. reports developments for a global automation business focused on industrial software, control systems, measurement, valves, and related automation technologies. Company news regularly covers quarterly results, outlook updates, dividends, investor presentations, board changes, and portfolio actions tied to its automation-focused operating model.
Product and customer updates include AspenTech industrial software and AI capabilities, the DeltaV™ and Ovation™ Automation Platforms, cybersecurity collaborations for operational technology environments, and automation work for power, water, renewable energy, carbon capture, and other critical infrastructure applications.
Blackstone (NYSE: BX) has announced the acquisition of a majority stake in Emerson’s (NYSE: EMR) Climate Technologies business, with Ross B. Shuster appointed as CEO of the new standalone entity. The deal is expected to close in the first half of 2023 and encompasses the Copeland compressor business, generating around $5.0 billion in fiscal 2022 sales. This acquisition positions the Climate Technologies business to focus on energy-efficient heating and cooling solutions amid rising demand for sustainable products. Shuster, a seasoned executive with over 25 years of experience, aims to spearhead growth and innovation while addressing global climate challenges. Blackstone emphasizes its commitment to building a leader in the climate technologies space, enhancing carbon reduction efforts and sustainability initiatives.
Emerson (NYSE: EMR) is set to report its second quarter results on May 3, 2023, before the market opens. The announcement will be followed by a conference call led by senior management at 8 a.m. Eastern Time. Investors and interested parties can access the call and presentation slides by registering on Emerson's official investor website. A replay will be available for three months post-call. As a global technology and software company, Emerson provides solutions to essential industries, focusing on automation and sustainability through its portfolio, including a majority stake in AspenTech.
Emerson announced its acquisition of NI for $60 per share, totaling $8.2 billion. This move is part of Emerson's strategy to enhance its automation capabilities and expand into high-growth markets, including semiconductor, transportation, and aerospace. The acquisition is expected to deliver $165 million in cost synergies over five years, enhance gross margins, and be accretive to earnings in the first year. NI generated $1.66 billion in revenue in 2022 and serves 35,000 customers in over 40 countries. The transaction has been approved by both companies' boards and is anticipated to close in the first half of fiscal 2024.
On April 5, 2023, Emerson (NYSE: EMR) appointed Vidya Ramnath as the new senior vice president and chief marketing officer, effective June 1, 2023. Currently the president for the Middle East and Africa, Ramnath will report to Emerson's CEO Lal Karsanbhai and will lead the global marketing and branding strategy. With nearly 30 years at Emerson, she has held various leadership roles and aims to enhance awareness of the company as a global automation leader. Ramnath succeeds Kathy Button Bell, who retired in December 2022. Her appointment is expected to drive the next chapter of Emerson's brand evolution.
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Emerson has been awarded the 2023 ENERGY STAR Partner of the Year Award for its commitment to energy management and environmental protection. The award recognizes the company for tracking energy use across 200 global sites and achieving significant reductions: a 45% decrease in greenhouse gas emissions and a 23% reduction in energy intensity since 2018. Emerson aims for net zero emissions by 2030 and has implemented renewable energy initiatives across various countries, including Brazil and Hungary. The company continues to foster sustainability through employee engagement and partnerships to drive decarbonization efforts.
Emerson (NYSE: EMR) has been selected to provide advanced automation solutions for New Zealand's first large-scale solar photovoltaic (PV) project by Lodestone Energy. This initiative aims to support New Zealand's goal of achieving carbon neutrality by 2050. Emerson will implement its Ovation™ distributed control system and OCR3000 controller at two sites, each with a capacity of 23 megawatts. These solutions will enhance the integration of solar energy into the national grid and improve operational efficiency by managing various third-party systems. The project's successful execution is crucial for accelerating the rollout of renewable energy in New Zealand.
Emerson (NYSE: EMR) has been selected to provide automation technologies for the Golden Triangle Polymers Project, a significant joint venture between Chevron Phillips Chemical and QatarEnergy. This facility, located in Orange, Texas, represents an investment of approximately $8.5 billion and is set to begin operations in 2026. Emerson's Plantweb digital ecosystem will enhance operational efficiency while aiming for 25% lower greenhouse gas emissions compared to similar facilities. The project includes a 2,080 KTA ethane cracker and two 1,000 KTA high-density polyethylene units, supporting essential industries like food packaging and medical supply sterilization.
Emerson (NYSE: EMR) is launching its 2023 Earth Month Ecochallenge, urging employees, customers, and suppliers to engage in sustainable behaviors throughout April. The initiative builds on last year’s success, where over 1,300 employees from 43 countries saved an estimated 500 kg of CO2 emissions. Participants will take concrete actions aligned with the UN's Sustainable Development Goals. This year, Emerson serves as the presenting sponsor and encourages collective efforts for a sustainable future. Registration is now open, and activities commence on April 1, 2023.
Emerson (NYSE: EMR) has been selected to automate the Intermountain Power Agency's IPP Renewed power plant, facilitating a shift from coal to a renewable energy hub in Utah. This initiative aims to enhance safety and reduce costs while increasing efficiency in green hydrogen production and storage. The plant is set to utilize 30% hydrogen and 70% natural gas initially, transitioning to 100% hydrogen by 2045. Emerson's Ovation™ software and automation technologies will play a crucial role in this transition, enabling a digitally optimized facility capable of delivering carbon-free electricity for decades.