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$EMR agreed to acquire Cooper-Atkins, a manufacturer of temperature management and environmental measurement devices and wireless monitoring solutions for foodservice, healthcare and industrial markets. The acquisition is expected to close within the next 60 days.
$EMR has completed the purchase of Paradigm, a provider of software solutions to the oil and gas industry. The combination of Paradigm with $EMR’s Roxar software business creates a comprehensive Exploration & Production (E&P) software portfolio offering. Paradigm is headquartered in Houston and has more than 500 employees globally.
In FY18, $EMR expects Automation Solutions net sales to be up 14-16%, with underlying sales up 5-7%. Commercial & Residential Solutions net sales are expected to be down 1% to up 1% and underlying sales are expected to be up 3-5% excluding the impact of the ClosetMaid divestiture and currency translation of 4%.
$EMR reported a 15% growth in 4Q17 earnings driven by higher sales. Net income rose to $504MM or $0.78 per share from $438MM or $0.68 per share last year. Net sales grew 13% to $4.44Bil, on a 3% rise in underlying sales excluding favorable currency of 1% and an impact from acquisitions of 9%. Adjusted EPS increased 12% to $0.83.
$EMR said FY17 net sales of $15.3Bil increased 5%, including the Valves & Controls acquisition and underlying sales growth of 1%, reflecting broad-based recovery across key end markets. EPS from continuing operations were $2.54 and adjusted EPS were $2.64.
$EMR said net sales in 4Q17 of $4.4Bil increased 13%, reflecting the Valves & Controls acquisition and underlying sales growth of 3%. Hurricanes Harvey and Irma only moderately affected 4Q sales. EPS from continuing operations were $0.77, up 4% from last year and adjusted EPS were $0.83, up 12%.
$EMR agreed to acquire Paradigm, a provider of software solutions for the oil and gas industry, for a purchase price of $510MM, reflecting a multiple of 13 times expected 2017 EBITDA. The acquisition is expected to close within the next 60 days.
$EMR plans for a major renovation and expansion of the labs and offices at its existing 1MM-square-foot facility in Sidney, Ohio. The project is expected to require $100MM in investments over the next four years. Construction is slated to be completed by 2021.
$EMR appointed Craig Rossman as president of its White-Rodgers business. Rossman succeeds Jack Huether, who has been leading White-Rodgers while also serving as group president of $EMR's sensors and controls businesses. In this leadership role Rossman will report to Huether. These changes were effective July 1.
Tech company $EMR has launched a new dual-mode wireless gateway, expanding its wireless portfolio. The gateway supports IEC 62951 WirelessHART and ISA100.11a industrial wireless communications standards. Emerson said an upcoming release of its dual-mode wireless gateway will be integrated into the Cisco 1552WU.
$EMR signed a Memorandum of Understanding (MoU) with Saudi Aramco during the recently held Saudi-U.S. CEO Forum in Riyadh. The agreement will help bring advanced digitization and automation technologies to one of the leading energy and chemicals companies.
$EMR announced the launch of an additional $63MM in strategic investments for its InSinkErator's Southeast Wisconsin operations, including nearly $34MM for a new headquarters and lab facility to be built in Mount Pleasant. $EMR also announced $29MM in planned improvements at InSinkErator’s manufacturing facility in Racine.